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Dolat Capital Report
We attended Mphasis Ltd.'s Investor Day 2023, centered on theme of A New Era. Key highlights:
Expanding and diversifying through building capabilities, growing into four new verticals and strategic geographies for go-to-market and supply chain;
focus on capitalising on GenAIto expand total-addressable-market;
client's appetite for cost-led transformation remains high.
Operating profit margin to remain resilient in long term and guidance of 15.25-16.25% with upward bias remains intact. It will focus on doubling down its merger and acquisition investments and tech upskilling of its employee base.
We believe healthy signings and diversification of total contract value provides some comfort, but given macro weakness we would wait for optimism to reflect into numbers.
Post the recent run we believe valuations are now full and thus assign 'Sell' rating with target price of Rs 2,230 (at 22 times FY25E).
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