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Hold Tech Mahindra, tgt Rs 975: Emkay
Emkay research has maintaied hold rating on Tech Mahindra with target price of Rs 975. Tech Mahindra reported revenues of USD 257.8 million (+5.1% QoQ) in line with expectations
Emkay research has maintaied hold rating on Tech Mahindra with target price of Rs 975 in its 20 May, 2008 report. "Tech Mahindra reported revenues of USD 257.8 million (+5.1% QoQ) in line with expectations. However the operating margins slipped by 20 bps sequentially (as against our expectations of 90 bps increase) despite the impressive uptick in utilisation (+400 bps QoQ to 73%) and shift to offshore(offshore proportion of revenues up 200 bps QoQ) and cut in employee count (net decline in headcount by 271 QoQ to 22,884). Net profits (excluding exceptional payout of Rs 4401 million, for a potential large deal with a Tier 1 client) at Rs 2188 million, was up 9.7% QoQ helped by higher other income and lower than expected tax rates (effective tax rate at 7% V/s expectations of 11%).We would be coming up with a detailed note shortly. We have a 'Hold' rating on the stock with a price target of Rs 975" according to Emkay research report.
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