Moneycontrol PRO

Buy Tech Mahindra; target of Rs 1120: ICICI Direct

ICICI Direct is bullish on Tech Mahindra has recommended buy rating on the stock with a target price of Rs 1120 in its research report dated April 27, 2021.

June 10, 2021 / 10:44 AM IST
  • bselive
  • nselive
Todays L/H

ICICI Direct's research report on Tech Mahindra

Tech Mahindra’s (TechM) revenues increased 0.7% QoQ in constant currency terms mainly led by 1.1% QoQ growth in Enterprise revenues. The company also reported EBITDA margins improvement of 45 bps QoQ to 20%. The order book increased from US$455 million to US$1043 million, mainly led by robust growth in Enterprise and Communication segment. The company aspires to have double digit revenue growth in FY22E based on deal wins and EBIT margins at 15%.


Hence, we maintain BUY with a revised target price of Rs 1,120 (16 x PE on FY23E EPS) (earlier target price Rs 1,120).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: May 19, 2021 03:15 pm

stay updated

Get Daily News on your Browser
ISO 27001 - BSI Assurance Mark