Retain REDUCE on rich valuations: Management is executing along a well-articulated strategy and commentary suggests portfolio growth challenges are abating. Valuations are pricing in a strong recovery in E&U/healthcare, continued BFSI acceleration, and consistent margin execution. However, they leave limited room for disappointment and influences our REDUCE rating with a TP of Rs 310 (16x Mar‟19 TTM EPS of Rs 19.4).
Equirus has built impeccable credential and market standing across domains & has created a niche for itself in its ability to structure and deliver transactions in-line with client’s requirement. It takes pride in being a one stop Investment bank for all financial needs of growth oriented mid market companies. Led by seasoned bankers, they work with the largest and the most reputed investors in the industry. Equirus Securities can be accessed at www.equirus.com