CMP Rs503, Target Rs600, Upside 19.3%
± Consolidated dollar revenues in-line; Software services volumes sluggish; Twenty transformational deals signed
± Core services drive growth; Manufacturing and Americas grow higher than company average.
± Consolidated as well as core software OPM came in-line; BPO profitability improves
± Employee addition relatively strong amongst peers; Attrition down marginally
± Impressive operational performance; Market share gain to drive revenue expansion; Maintain BUY
