ICICI Direct has given Hold recommendation for Mphasis with a target price of Rs. 2210 in its research report issued on Oct 22, 2022

ICICI Direct’s research report on Mphasis

Mphasis Ltd (Mphasis) offers application services, BPO and infrastructure services, BFSI, technology, communication & logistic services. The company’s direct revenue increased 35.7% YoY on a reported basis and 34.4% in CC terms in FY22 • OCF, EBITDA of 75% and double digit return ratio (with RoCE of 20%).


We change our rating on the stock from BUY to HOLD. We value Mphasis at Rs 2210 i.e. 20x P/E on FY25E EPS.

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