Emkay Global Financial Services has maintained its buy rating on Tech Mahindra with a target of Rs 303 in its January 27, 2009 research report. "Tech Mahindra reported USD revenues of USD 232 million (-14% QoQ). Net profits at Rs 2228 million (-5.4% QoQ). We have cut our FY10 estimates by 4% to Rs 58.6 (V/s Rs 60.9 earlier) while our FY09 estimates are cut by 1% only. We maintain BUY on inexpensive valuations at <5x FY10 adjusted earnings and 20% of current market cap as cash. We maintain BUY with a revised target price of Rs 303 (Rs 320 earlier), based on 5x 1 year rolling forward earnings," says Emkay Global Financial Services' research report.
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