CMP Rs456, Target price Rs485, Upside 6.4%
± Muted volume growth was a key disappointment; sharp pricing improvement act as savior
± Patchy growth matrix across verticals and services; Europe displayed strong growth
± IT services operating margin was marginally below expectations; utilization corrects by 240bps qoq
± Management guidance for Q4 FY11 in-line with expectations
± Sustained underperformance and sudden management change lowers confidence; Maintain MP
