Recommend Buy with 8-10 month target price of Rs 144 CMP Rs 113
Given that KPIT has exceeded our expectations in Q2 and the stock price is down nearly 17% since our last review, we
recommend Buy at current levels. Our 8-10 month target price based on 13x FY09E EPS of Rs11.1 is Rs 144 implying a
good upside of 28%.
Strong dollar revenue growth of 13.4% qoq was far ahead of our
expectations.
Growth continues to be driven by niche services offerings in the auto
electronics, semiconductor and business intelligence space.
Net profit up 11% qoq; management maintains guidance for the year.
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