Sharekhan's research report on Persistent Systems
Reported revenue stood at $389.7 million, up 3.3% q-o-q in CC terms, missing our estimates of 4 % q-o-q growth in CC. EBIT margin fell ~10 bps q-o-q to 15.5% %, missing our estimate of 15.9%. TTM TCVs stood at $520.8 million, up 13%y-o-y. Managment maintained $2 billion revenue target for FY27-end and stuck to previous guidance of a 200-300 bps improvement in OPM.
Outlook
We maintain Buy rating with a revised PT of Rs 6,600 (48x FY27E EPS). At CMP, the stock trades at 45.9/37.6x FY26/27E EPS.
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