Accumulate Persistent Systems CMP (Rs.) 1,182 Target (Rs.) 1,276 Upside (%) 7.9
Rationale: Company has won a large deal during the quarter which will ramp up over the next few quarters. We expect the company to post revenue/EBITDA/PAT growth of 11.6%/21.4%/19.7% between FY20-FY22 given negligible impact of Covid-19 on FY21 numbers strong deal wins, ramp up of existing projects along with margins expansion.