Motilal Oswal's research report on Tech Mahindra
Tech Mahindra (TECHM) reported 4QFY24 revenue of USD1.48b, down 0.8%QoQ in CC and below our estimate of +0.7% QoQ CC. CME remained weakand declined 2.8% QoQ despite a low base. Enterprise growth was mixed,with retail declining 9.6% QoQ and BFSI growing well at 3.5% QoQ.TECHM had another quarter of low profitability, with adj. EBIT margin at7.4%, 100bp below our estimate of 8.4%. 4Q TCV remained weak atUSD500m (+31% QoQ/-15% YoY).
Outlook
We remain Neutral on the stockwith a TP of INR1,210 (18x FY26E EPS).
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