Overview
- Revenue rose 3.9% quarter-on-quarter to Rs 953 crore, with EBIT up 17.4% and the operating margin expanding to 20.9% from 18.5%.
- Reported net profit fell 29.7% QoQ to Rs 109 crore, while profit excluding the New Labour Code exceptional item stood at Rs 179.1 crore.
- Shares traded down about 2.5% near Rs 5,649 after the release, as the stock’s roughly 52x P/E contrasted with the Nifty’s ~22x.
- Nirmal Bang upgraded the stock to Hold with a Rs 5,764 target, whereas MOFSL and Choice Broking reiterated Sell calls with Rs 4,700 targets; Bloomberg’s average 12‑month target implies about an 11% downside.
- Growth was led by Transportation (up 7.7% QoQ) as Media & Communications and Healthcare declined, with management signaling a recovery in those verticals from Q4.