Majesco Q2FY18: Good Performance; Buy for an upside of 25% | majesco Q2FY18 |

The strong quarterly growth in revenue led by IBM and further ramp-up of the deal drive our confidence in Majesco’s underlying revenue growth, going forward. We continue to believe that industry fundamentals including greater third-party software adoption by insurers remain on track. Majesco’s IBM partnership will be the key growth driver in 2HFY18E. Rolling over our estimates to FY19E and raising our EV/sales multiple to 2x (from 1.8x), we maintain our BUY recommendation on the stock, with a revised Target Price of Rs667 (from Rs 517 earlier).

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