Buy Mphasis; target of Rs 3550: ICICI Direct

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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ICICI Direct's research report on Mphasis

Mpahsis Ltd (Mphasis) offers application services, BPO and infrastructure services BFSI, Technology, communication & logistic services. The company’s direct international revenues have grown 22.5% YoY in FY21 and is expected to grow at a healthy pace in coming years • OCF, EBITDA of 75% and double digit return ratio (with RoCE of 20%).

Outlook

We change our recommendation on the stock from HOLD to BUY. We value Mphasis at Rs 3550 i.e. 32x P/E on FY23E EPS.

More Info on Trent

At 17:30 MphasiS was quoting at Rs 3,037.65, up Rs 104.30, or 3.56 percent.

It has touched an intraday high of Rs 3,108.40 and an intraday low of Rs 2,979.15.

It was trading with volumes of 10,294 shares, compared to its thirty day average of 24,186 shares, a decrease of -57.44 percent.

In the previous trading session, the share closed down 4.28 percent or Rs 131.05 at Rs 2,933.35.

The share touched its 52-week high Rs 3,659.75 and 52-week low Rs 1,399.30 on 19 October, 2021 and 24 February, 2021, respectively.

Currently, it is trading 17.02 percent below its 52-week high and 117.03 percent above its 52-week low.

Market capitalisation stands at Rs 57,035.05 crore.

 For all recommendations report, click here

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