Prabhudas Lilladher - KPIT Cummins

According to the brokerage house, at the current market price KPIT Cummins trades at 17.1x and 11.6x our expectations of its FY07 and FY08 earnings. We re-iterate our outperformer recommendation on it, with a target price of Rs 650 (13x FY08 expected earnings).

"Overall, we expect the future scenario for the company to be fairly strong and expect its revenue and PAT from FY06 to FY08 to have CAGRs of 39% and 52%, respectively."

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