Last Updated : May 10, 2020 02:04 PM IST | Source: Moneycontrol.com

Hold Persistent Systems; target of Rs 563: Arihant Capital

Arihant Capital recommended hold rating on Persistent Systems with a target price of Rs 563 in its research report dated May 08, 2020.

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Arihant Capital 's research report on Persistent Systems

Persistent Systems Q4FY20 beat our revenue estimates. Consolidated revenue for the quarter stood at Rs 9,264 mn, registering growth of +11.4% YoY/+0.4% QoQ, EBITDA stood at Rs 1,269 mn, up 5.1% YoY/+2.8% QoQ and consolidated PAT for the quarter stood at Rs 838 mn, down -4.7% YoY/ 0.8% QoQ. The company saw the imminent threat posed by Covid-19 and started WFH before India started its lockdown as a safeguard measure for its employees. Company anticipate some degree of a U shaped recovery when it comes to COVID19.

Outlook

We marginally raised our target P/E multiple from 12.3x to 13.0x for its FY22E earnings and arrive at a target price of 563 per share, and maintain our HOLD rating.

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