"Infotech Enterprises, revenue growth may top 2-3 percent led by growth across all businesses except aero. Aero could decline QoQ due to softness in two large customers led by their internal reorganisation. However, we expect this to be a quarterly blip & normal growth (3-4 percent CQGR) could resume going into Q3, as lost revenues (~USD10 million) have been back-filled. Overall, we believe revenue traction could improve due to 1) general pickup in Infotech's services, 2) improving execution, 3) refilling of lost revenues and 4) non-linear revenue contribution. We are raising estimates, target price (led by earnings, target multiple revision) and upgrading Infotech to BUY."
"We expect revenues, EPS to grow at 12 percent, 11 percent CAGR during FY13-15E vs. 10 percent, 5 percent earlier, led by factors discussed above. Earnings revision coupled with a higher multiple (9x, 10 percent discount to its FY09-13 average, vs. 7.8x used earlier) leads to a target price revision, which now stands at Rs 225 vs. Rs 175 earlier," says ICICIdirect.com research report.
Also Read: IB Infotech Enterprises: Outcome of AGM
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