Operating margin performance encouraging with EBITDA mgns at 21.5%, up 90 bps QoQ driven by better than anticipated margins in Applications and BPO business.
Net profits at Rs 3088 mn (+57.5% QoQ,+162% YoY) in line with expectations driven by revenue/margin beat despite higher than estimated taxes (co made provision for earlier exemptions driven by changes in Income tax rules).
Upping FY10/FY11 EPS estimates by ~7.4%%/29% to Rs 16.1/23.9 driven majorily by higher margin assumptions and lower estimated forex losses (OCI losses reduced from US$ 225 in March'09 to US$ 162 mn by INR appreciation)
Up rating to ACCUMULATE with a TP of Rs 330, based on 13.5x 1 year rolling forward P/E multiple. Expect more meaningful EPS upgrades from street to drive the stock price higher.
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