Reliance Securities has recommended hold rating on Polaris with a target price of Rs 210 in its research report dated February 8, 2016.
Reliance Securities's research report on Polaris Consult
Polaris’ revenue growth and profit (adjusted for exceptional) came largely in-line with revenue at US$76.5mn, -1.4% qoq impacted by furloughs and Chennai floods. Operating margin improved to 13.8% supported by INR depreciation and fixed-price contract growth. Completion of Virtusa’s share purchase and open offer by 4QFY16E and the subsequent synergy benefits may be the next important trigger for Polaris.
We maintain HOLD on Polaris with Target Price of Rs210. We expect Polaris’ US$revenue/EPS to grow at 4%/17% CAGR over FY15-18E and have factored EBITDA% at 13.6%/14.9%/15.8% over FY16E/17E/18E, respectively. We maintain HOLD on Polaris with Target Price of Rs210.
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