Hold SQS India BFSI; target of Rs 574: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on SQS India BFSI

SQS India BFSI Ltd delivered a modest performance in Q4FY17, with earnings (PAT) coming in at Rs 4.4 Cr, down 58.8% Y-o-Y on account of decline in sales and higher other expenses. In Q4FY17, revenue of the company declined 20.3% Y-o-Y to Rs 57.5 Cr while other expenses increased 23.5% Y-o-Y to Rs 14.2 Cr, resulting in contraction in EBIDTA margin to 13.9% (down 900 bps).

Outlook

2018 is also likely to be a challenging year for Indian IT players due to macro overhangs. We revise our earnings estimates downward to Rs 30.2 Cr from previous estimates of Rs 34.9 Cr for FY18E. Reiterate Hold with a revised target price of Rs 574.

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