Sharekhan's research repor on Persistent Systems
Among mid-tier companies, PSL clocked strongest revenue growth given its exposure to less-impacted verticals such as BFSI, technology and healthcare. Growth momentum in technology services would continue beyond FY21E led by increasing spends on digital program, strong deal wins and a healthy deal pipeline. Cash &cash equivalents account for 19% of its current market capitalisation; strong balance sheet and potential strong earnings growth (15% CAGR over FY2020-22E) provide us comfort on the stock.
Outlook
We retain our Buy rating on Persistent Systems Limited (PSL) with a revised PT of Rs. 1,220.
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