Won BSF contract worth Rs228cr which will drive revenue growth. It will also help in improving presence in the Indian market which will enable the company to win more large deals.

Niche offerings in the travel and transport vertical which are on the verge of a major recovery.

EBITDA margin is higher as compared to peers among the mid tier IT vendors.

Focus towards non-linear growth will also lead to improved realisations.

At the CMP of Rs182, the stock is currently trading at 6.7xFY11E and 5.9xFY12E earnings. We maintain our BUY recommendation with a target price of Rs278 based on 9xFY12E earnings.