BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Tech Mahindra Ltd.’s Q4 FY21 U.S. dollar revenue growth of 0.7% QoQ constant currency was below our already modest expectations.
Communications was flat during Q4 FY21, while the enterprise business posted modest growth (1.1% QoQ CC).
New deal wins of $1.04 billion were the highest in five quarters and split equally between communications (driven by the Telefonica deal win) and enterprise.
Ebit margin increased by 60 basis point to a multi-year high of 16.5%, unlike our expectation of a 20bp QoQ dip.
An increase in margin was led by further rationalizing of headcount (847 employee reduction) while maintaining peak utilization levels (87%).
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