Good set of number overall. Welcome jump in the PAT YoY. Overall in line with growth. Some mediocre stats I would like to see improvement in subsequent Q and FY are:
- Better PAT Margins. There has been improvement YOY (14.7 vs ~12) but a 20%+ margins would be great.
- Monthly Recurring Revenue will probably be low growth in Q4. (179/3 = 59.9)
Mr. Dua was a little tight lipped in the last (first?) concall about the growth path in mid-long term. The proxy stats are good like employ expenses, job listing. My ideal situation is for the company to position itself as the go-to solution for cloud in India for cos and gov. The transition is one major controversy/case away and will give a 4-6 quarters period to firmly establish itself as the leading cloud provider in India. (Thinking Atmanirbhar Bharat). E2E needs to be prepared when that happens.
Disc.: Invested. Biased.
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