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Centrum Broking retains buy on Mastek, target price Rs 535

Buy Mastek Ltd. at a price target of Rs 535.0 .

ETMarkets.com|
Updated: Oct 23, 2019, 08.22 AM IST
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Centrum Broking has retained its buy rating on Mastek in the long term with a target price of Rs 535 citing well navigated on the cost front despite the huge challenges. The stock rose 1.52% to Rs 347 on Tuesday while the BSE Sensex closed 334.54 points down at 38,963.84.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 243.60 crore, down -1.59% from last quarter sales of Rs 247.54 crore and down -5.24% from last year same quarter sales of Rs 257.07 crore. The company has reported net profit after tax of Rs 24.64 crore in the latest quarter.

Investment Rationale

EPS estimates are trimmed modestly by 2.5/4% for FY20/FY21E. Mastek has 11.2% stake in Majesco USA which it plans to monetize and hence, strong balance sheet and cheap valuations offer favourable risk return, said the brokerage.

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