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Spark capital: Persistent: Inline revenues with slight dip in margins; Retain ADD




Spark Capital Advisors(India) Private Limited


28 Jan 2013





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Persistent: Inline revenues with slight dip in margins; Retain ADD Persistent (PSYS) reported revenues of US$ 60.8mn (up 1.2% qoq and 18.1% yoy) with EBITDA margins declining 250bps qoq to 24.7%. Over the last three quarters, PSYS growth has been led by roll-up of products and continuation of the same is the acquisition of Novaquest. In 3QFY13 headcount addition of 331 was highest in the last three quarters and management further indicated that they would add 500 freshers in FY14 indicating strong visibility for the services segment. We remain favourably inclined on PSYS, however retain that PSYS quarterly financial performance would be volatile. Further increased product roll-up on the IP side would make organic growth computation challenging. We retain ADD with price target of Rs. 570.

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