CMP Rs1,125, Target Rs1,320, Upside 17.3%
± Strong volume led growth surpassing our expectation and peer performance
± Robust growth witnessed across verticals, services; Europe and non-top10 clients shine
± OPM decline in line with expectation; margin performance expected to improve
± Employee additions and guidance on track; Attrition inches up marginally
± Performance bar raised again; Confidence in demand sustainability improves post results
