This stock has made investors rich by giving 145% return in this year, do you have it?
Multibagger Stock Tips: KPIT Technologies has reported a strong earnings for the quarter ended September. In fact, the tech firm’s consolidated net profit doubled (₹65 crore) from ₹27 crore in the year-ago period. Shares of KPIT Tech have given multibagger returns of around 145% this year.
Brokerage firm Anand Rathi expects the multibagger stock to move higher after its Q2 results. The brokerage has maintained its ‘Buy’ rating with a target price of ₹400 per share. According to the brokerage firm, KPIT Tech’s revenue growth was in line with the estimates and high growth can be expected. However, the brokerage firm T-25 sees sluggishness in clients as a major risk.
KPIT Tech’s revenue from operations stood at ₹590.8 crore in the quarter under review, as against ₹485.4 crore in the July-September 2020 period. The company has increased its revenue growth outlook for FY 2022 to 18-20%.
The brokerage said the company’s margins during the second quarter were supported by better realizations, lower sub-contracting costs and higher efficiencies (offshore and utilization). Management expects 17.5% + FY22 margin on continued operating leverage.
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