RS Software Research Report By Sunidhi

The demand recovery in the U.S. bodes well for its business given its exposure to the market. RS Software continues to put significant thrust on innovations and in building competencies through the Payments Lab and School of Payments. RS Software is confident that given the improving market conditions and the potential growth in the electronic payments industry, it will consistently tread a high growth trajectory.

RS Software’s sustained focus on merchant acquiring aspect of the payment landscape, procedural improvements in CRM, focus on e-mail marketing to generate strong business response and undergoing initiatives to strengthen the team and process – all give strong revenue visibility going forward.

At the CMP of Rs. 384, RS Software is trading at a P/E of 7.5x on FY15E. We reiterate BUY with an increased target price of `500 in the medium-to-long term at which the share will trade at a P/E of 10x on FY15E.

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