Buy MphasiS., target price Rs 2420: Religare Broking

Religare Broking has buy call on MphasiS with a target price of Rs 2420. The current market price of MphasiS is Rs 2262.35. Religare Broking recommended to keep stop loss at Rs 2145.

MphasiS, incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 42242.78 Crore) operating in IT Software sector.

MphasiS key Products/Revenue Segments include Computer Software for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 3546.19 Crore, down -.48 % from last quarter Total Income of Rs 3563.23 Crore and up 12.42 % from last year same quarter Total Income of Rs 3154.36 Crore. Company has reported net profit after tax of Rs 412.27 Crore in latest quarter.

The company’s top management includes Mr.Davinder Singh Brar, Mr.Pankaj Sood, Mr.Kabir Mathur, Mr.Maureen Anne Erasmus, Mr.Marshall Jan Lux, Mr.Amit Dalmia, Mr.Amit Dixit, Mr.David Lawrence Johnson, Ms.Jan Kathleen Hier, Mr.Narayanan Kumar, Mr.Nitin Rakesh, Mr.Courtney Della Cava. Company has B S R & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 19 Crore shares outstanding.

Investment Rationale
IT pack is performing well and Mphasis has finally surpassed the major hurdle at 200 EMA.

Promoter/FII Holdings
Promoters held 55.65 per cent stake in the company as of 31-Dec-2022, while FIIs owned 18.89 per cent, DIIs 19.32 per cent.