Hold Tech Mahindra; target of Rs 640: ICICI Direct
ICICI Direct is bullish on Tech Mahindra Ltd has recommended hold rating on the stock with a target price of Rs 640 in its research report dated January 31, 2018.
February 07, 2018 / 04:44 PM IST
ICICI Direct's research report on Tech Mahindra
Tech Mahindra (TechM) reported its Q3FY18 earnings wherein revenue growth was marginally better than our estimates while EBITDA margins were way ahead of our expectations USD revenues grew 2.5% QoQ to D1209 million and were above our expectation of 1.7% growth and D1,199 million estimate Rupee revenues grew 2.2% QoQ to RS7,776 crore and were broadly in line with our RS 7,761.4 crore estimate
Hence, we maintain our HOLD recommendation on the stock. We roll over our valuation to FY20E and value the stock at | 640 (14x FY20 EPS).
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