Infotech Enterprises Ltd (Q3 FY08):Good Q3 but valuations expensive - SELL

Thanks to India Infoline

Infotech Enterprises Q3 FY08 Result Update
CMP Rs268,  SELL

Target price Rs266,  Upside (0.0)%



ä       Robust dollar revenue growth of 11% qoq was in line with expectations. Growth was driven by UTG business, which was unexpected.

ä       EBITDA margin was flat at 18.1% against expectations of 40-50 bps qoq improvement.

ä       Lower other income and IASI profit share lead to a net profit decline by 15% qoq.

ä       Q4 and FY09 growth outlook remains strong.

ä       Downgrade Infotech to SELL with 8-10 month target price of Rs266 as current premium valuations fully factor relative positives.     



Click below for Result Update on Infotech Enterprises (Q3 FY08)



Warm Regards,


India Infoline Research Team


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