External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Expects industry leading growth in direct and EBIT margin of 15.5-17% What should investors do? Mphasis' share price has grown by ~4x over the past five years (from ~Rs 535 in Jul 2016 to ~Rs 2537 levels in July 2021). However, recent run up in price prompts us to maintain HOLD rating Target Price and Valuation: We value Mphasis at Rs 2725 i.e. 29x P/E on FY23E EPS...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Expects industry leading growth in direct and EBIT margin of 15.5-17% What should investors do? Mphasis' share price has grown by ~4x over the past five years (from ~Rs 535 in Jul 2016 to ~Rs 2537 levels in July 2021). However, recent run up in price prompts us to maintain HOLD rating Target Price and Valuation: We value Mphasis at Rs 2725 i.e. 29x P/E on FY23E EPS...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mphasis Limited: Direct Revenues Continue to Drive Overall Revenues

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

<p>MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impact</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impactContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mphasis (HOLD): Direct business growth negates shortfall in DXC  raise to HOLD

India

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

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Mphasis Ltd (MPHL IN)

Mphasis Limited: Direct Revenues Continue to Drive Overall Revenues

Expects industry leading growth in direct and EBIT margin of 15.5-17% What should investors do? Mphasis' share price has grown by ~4x over the past...

ICICI Securities Limited

Mphasis (HOLD): Direct business growth negates shortfall in DXC raise to HOLD

MPHL grew 6.3% QoQ USD in Q1, outperforming our (4%) and street estimates. EBIT margin was a miss at 15.9% due to the pandemic impact

BOB Capital Markets Ltd.

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