ICICI Direct's research report on Tech Mahindra
Tech Mahindra (TechM) has over 1.2 lakh employees across 90 countries serving 1000+ clients with higher exposure to telecom (40% of revenues). Apart from telecom, the company caters to BFSI, manufacturing & retail • TechM has grown organically & inorganically (dollar revenue CAGR of 6.6% over the past five years).
We maintain our BUY rating on the stock. We value TechM at Rs 1170 i.e. 15x P/E on FY24E EPS.
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