We recommend a Buy rating on Mastek Limited with a price target (PT) of Rs. 1,040 as risk-reward balance remains favourable. Company delivered a strong set of numbers in Q2FY21, led by strong growth in both the UK and US businesses and accelerated growth in the Oracle services business; EBITDA margin expanded by 348 bps q-o-q to 21.1%; order-booking grew 22% q-o-q. Management expects H2FY2021 to be better than H1FY2021, led by a strong order book, continued growth in UK government projects and higher demand for cloudrelated services; Evosys order-book was up by over 65% y-o-y The stock is trading at a reasonable valuation of 10x its FY2023E EPS; net cash...