Strong USD revenue guidance of 24-25% for FY11 led by robust volume growth.

Robust hiring guidance revised from 30,000 (at the start of FY11) to 40,000 on the back of improved demand visibility.

The management has always been transparent about their policies and this is one reason why it stands out in terms of corporate governance among peers.

Our top line estimates vary from consensus by ~2.2% on stronger volume assumption for FY12. In terms of profitability our EPS is 3.2% higher than mean consensus EPS, for FY12.

At the CMP of Rs3,085, the stock is currently trading at 24.9xFY11E and 20.3xFY12E earnings. We maintain our BUY recommendation with a target price of Rs3,500 based on 23xFY12E earnings