4457.1000 -138.60 (-3.02%)
NSE Nov 21, 2025 15:31 PM
Volume: 141.0K
 

4457.10
-3.02%
HDFC Securities
We expect revenue/EPS growth at 7/2.5% CAGR over FY17-20E, factoring USD revenue growth of 1.0/9.9/10.2% and EBIT% at 26.9/27.6/27.7% for FY18/19/20E, respectively. Our negative view on eClerx is substantiated by sub-par industry growth (EPS CAGR of 2.5% vs ~12%) and premium valuations (>10%). Maintain SELL with a TP of Rs 1,085, 12x Sep-19E EPS. eClerx Services posted muted numbers, largely in-line with our estimates. Revenue came in at USD 48.4mn, -1.8% QoQ CC (USD 47.8mn est.), as growth in the emerging accounts (USD 1.4mn QoQ) was offset by a decline in Top-10 accounts (USD 1.8mn QoQ). Top accounts growth was impacted by revenue decline in a large US client (within top-6 and at >USD 5mn annual rev rate). EBIT% was lower by 163bps QoQ at 25.2%, impacted by an increase in onshore delivery and lower offshore utilisation (-230bps impact).
eClerx Services Ltd. is trading above all available SMAs
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