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Monday, April 6, 2009

eClerx Services Ltd:-Future potential and outlook

Scripscan:eClerx Services Ltd
cmp:120
Traded in:Nse-bse

Story:Even as fears of an economic slowdown in the US loom large,The management feels eClerx has little to worry. A US slowdown won’t hurt it as more of its clients will look for avenues to cut costs by transferring work to low-cost destinations.The company already clarified that the preliminary budget talks with clients do not hint at lower IT budgets. The company has witnessed a 5% fall in PAT margins due to the rupee’s appreciation. To protect margins from eroding further,it has hedged more than half of its future dollar receivables.The company is looking at the inorganic growth route, too, and already acquired a group of companies in the UK. The company is yet to chalk out further plans in this regard.On the organic front, it is looking at mining the existing client base further by increasing its range of services.I recently spoke to the company’s director PD Mundhra.He stressed upon the organic path for future growth, while citing acquisitions as a valid option to look forward to.Though he declined to comment on the expected growth in topline and bottomline, he believes eClerx is positioned to grow faster than the industry growth average of 30-35%. eClerx is a small player in its business segment and has a very high dependency on few clients, as more than 80% of its business comes from its top five customers. Besides, most of its clients are based only in the US market.These factors make the company less attractive.Investors who are not keen on gaining from short-term volatility are advised to exit the scrip.

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