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Q3FY20 :

Price when result was announced : 738

Constant currency growth came at 9.5% YoY lowest in since last five quarters. Impacting the quarterly growth to 1% .

USA revenue came at 61.3% that is fourth consecutive quarter in range of 61.2% - 61.6%.

BFSI revenue is at 31.5% lower from previous quarter at 31.9% and last year same quarter at 32.5%.

Active Clients were at 1384 that is all time high with addition of 20 clients this quarter.

Attrition rate has come to 17.6% that is six quarter low , it helps bring employee cost lower.

Main Positive

Audit Committee did not find proof in allegations raised by whistleblower against CEO.

Large Deal wins helped generate higher revenue and raise guidance to 10%-10.5%.

Recommendation : HOLD

Q2FY20 :

Price when result was announced : 814

- Constant currency growth came at 11.4% that is consecutive fourth quarter above 10%.

- USA sales have been stable from past three quarters at 61.4%

- BFSI segment has been reversing its contribution from low of 31.4% low to 31.9% this quarter.

- Total clients have reached at 1367 this is fourth quarter of net client addition above 25.

- Attrition Rate is at 19.4% that is lower from previous quarter high of 21.5%.

- Balance Sheet is strong with good cash position even after completing big buyback and receivables are stable.

Recommendation : HOLD


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