We spoke to eClerx management recently to update ourselves on co’s business prospects going forward. We see no reason to tone down our 28% US$ revenue CAGR estimate over FY10-12E (albeit we see room for a beat here, as company sees growth pick up in the eCommerce side as compared to the financials services driven growth in FY10), however increase our FY11/12 earnings estimates by ~5%/5.6% to Rs 54/64.9 (V/s Rs 51.5/Rs 61.5) as we reset our US$/INR exchange rate assumption at Rs 46/$..
To read full research report you can refer to:
http://www..in/productattachment/BrokerRecommendation/eClerx%20Ltd.pdf
Source: dalal Street Investment Journal
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