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KR Choksey Assign A "Buy" On IT Sector Stock For 41% Potential Upside, Target Price Rs 1,158

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KR Choksey has assign a "Buy" on Happiest Minds Technologies Ltd. with Rs 1,158/share target price to the stock. According to the estimated target price, the stock is likely to give 41% returns if purchased at the current market price. It is an IT Software & Services company that works on disruptive technologies such as artificial intelligence, blockchain, cloud, digital process automation, robotics/drones, security, the internet of things, virtual/augmented reality, etc. With Rs 12,121.38 crore market capitalisation, it is a mid-cap IT Services sector company.

 

Happiest Minds Technologies' performance over the year

Happiest Minds Technologies' performance over the year

The current market price (CMP) of the stock on NSE is Rs 825.35/share, down 2.84% from its previous close. The stock's 52 week low was recorded on 20 June 2022 at Rs 785.60/share and the 52-week high was on 20 January 2022 at Rs 1,272/share, respectively. It was listed on 17 September 2020 on NSE. Since its listing date, it grew 122.5%. However, in the past 1 week, it has fallen 6.43%, 2.7% in the past 1 month and 16.51% in the past 3 months, respectively. Whereas, in the past 1 year it has fallen 33.66%.

KR Choksey Suggests
 

KR Choksey Suggests "buy" the stock For Rs 1,158/share target price

According to the brokerage, Happiest Minds Technologies' reported revenue of USD 45.4 million in Q3Fy23 with a growth of 2.1% on a QoQ basis and 26% on a YoY basis. The revenue in constant currency grew by 2.8% on a QoQ basis and 22.6% on a YoY basis. The total income is INR 37,46.8 million, a growth of 4.3% on a QoQ basis and 28.2% on a YoY basis. The EBITDA has increased to INR 9,72.6 million, a growth of 3.1% on a QoQ basis and 26.5% on a YoY basis. The EBITDA margin is at 26% compared to 26.3% in Q2FY23 and Q3FY22. The PAT for Q3FY23 is INR 5,75.8 million, an increase of 17% on a YoY basis and de-grew by 3.1% on a QoQ basis. The diluted EPS for the quarter is INR 3.98 and the Free Cash Flow for the quarter is INR 9,31.5 million. As of December 31, 2022, there are 230 clients and there has been an addition of 9 clients in this quarter. As of December 31, 2022, the count of total employees has reached 4,611. The trailing 12 months attrition rate is 20.9%.

 Disclaimer

Disclaimer

The stock has been picked from the brokerage report of KR Choksey. Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.

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