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Dolat Capital Report
MPS Ltd. reported in-line revenue and grew by 11.7% (our estimate: 11.7%). Content/ Platform/ eLearning saw revenue growth of 13%/24%/-0.8% on QoQ basis.
Operating margins contracted by 463bps QoQ to 24.8%, impacted by AJE acquisition. Segmental margin decline was led by dip in Content/Platform biz margins, down by 691 bps/ 1137 bps sequentially.
MPS remains optimistic about FY25 growth strategy and foresees potential in delivering 25%+ PAT growth driven by strengthened market positions, increased order pipelines, and operational improvements across segments.
Strong outlook for next three-four years and focus on acquiring growth raises our confidence in the biz. We maintain ‘Buy' rating with target price of Rs 2,080, valued at 20 times of FY26E EPS (implies ~two times PEG).
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