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Axis Securities Report
We initiate coverage on Happiest Minds Technologies Ltd. with a 'Buy' rating and target price of Rs 1,100/share, implying an upside of 22% from the current market price.
We believe Happiest Minds Technologies Ltd. will deliver strong compound annual growth rate revenue growth of 18% over FY24-FY26 with accelerated earnings per share growth of 22% CAGR over FY24-FY26 primarily driven by strong volume growth.
We further believe that Happiest Minds is well-positioned to capture the immense growth opportunity in the industry considering-
robust demand for product engineering and digital services spend,
focus on client retention for long-term sustainable growth,
margin tailwinds driven by cost efficiencies, lower input costs, rupee depreciation, and lower travel cost (on-site expenses).
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