Mukul Agrawal exited the stock in the June quarter. And now ace investor Ashish Kacholia has probably exited the counter in the September quarter. Another seasoned investor, Ashish Dhawan, has also pared his stake in the stock by more than half, latest shareholding data showed
Kacholia, who was seen trimming his stake in the stock in the last two quarters, was not among the shareholders holding more that 1% as of September 30.
Companies are required to report shareholders with more than 1% stake every quarter. Kachola held 1.2 per cent stake at the end of June quarter, 1.8 per cent at the end of the March quarter and 2.4 per cent at end of the December quarter. The scrip has gained 75 per cent year to date and 655 per cent from the lows of March 2020.
Kacholia was holding this stock at least since the December quarter of 2017.
Ashish Dhawan, on the other hand, cut his stake in this firm to 1.8 per cent from 2.88 per cent sequentially. This was the lowest ever stake Dhawan has held in the IT company since he entered the counter in December 2019.
Brokerage Anand Rathi expects the IT firm to log 2.9 per cent sequential fall (up 59.60 per cent YoY) in net profit at Rs 110.30 crore for the September quarter. Dollar revenue sales are seen growing 4.5 per cent sequentially (up 16 per cent YoY)at $134 million.
Sharekhan sees 5.4 per cent sequential drop in sales and 6.3 per cent sequential fall in profit.
Commentary on improving revenue predictability, increase in the contribution of annuity revenue, demand outlook especially for the manufacturing and E&U verticals; margin outlook in the light of rising attrition rate, deal wins and steps taken to manage supply-side pressures will be keenly watched, Sharekhan said.
The stock has a median target of Rs 463.67 based on six analyst recommendations, suggesting limited upside. Dhawan still held over Rs 200 crore worth of Birlasoft shares as of Friday.
