Majesco Ltd.

NSE: MAJESCO | BSE: 539289 | ISIN: INE898S01029 |Industry: IT Consulting & Software
|Mid-range Performer

Majesco Ltd.    
08 Feb 2019
HDFC Securities
We maintain BUY with a TP of Rs 761 (upside of 51%) assigning EV/rev multiple of 2.0x on Dec-20 revenues. Majesco delivered decent performance in 3Q both on revenue and margin front. Revenue grew 4.0% QoQ to USD 35.4mn (vs our est. USD 35.3mn) led by cloud traction (+51.5% QoQ, 42% of rev) and USD 1.4mn contribution from Exaxe (organic flat QoQ). Growth in cloud implementation (+17.1% QoQ, 30% of rev) is offsetting the impact of legacy shrinkage (-16% YoY in 9M).
Promoters pledge increased to 4.1% of holdings in Jun 2019 qtr.
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