Patni Computers
Reco: NOT RATED
CMP: Rs453
Target Price: N. A.
Inexpensive valuations limit downside
· Interactions with CEO indicate inherent organic revenue growth challenges persist. Sep'10 quarter QoQ rev growth at 5.6-5.8% helped by acquisitions
· Despite credible cost controls over the past few quarters, we do not rule out margin pressures ahead driven by another round of compensation increases led by increasing attrition
· Potential Promoter's stake sale buzz hurting business's prospects as well as leading to increased employee churn
· Cut CY10E/CY11E by ~4.5%/3% to Rs 41.2/42.5 (despite a lower US$/INR reset) as we cut rev estimates. Inexpensive valuations (cash at ~Rs 180/share) provide downside support
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