Tech Mahindra - Margin Continues To Improve In Q3: ICICI Direct
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ICICI Direct Report
Tech Mahindra Ltd.’s revenues increased 2.8% QoQ in constant currency terms (above our estimate of 1.6% QoQ in CC terms) mainly led by 4.5% QoQ growth in communication revenues and 2.7% QoQ growth in enterprise revenues.
The company also reported a healthy expansion in Ebitda margins (up 156 basis points QoQ to 19.6%) mainly led by higher utilisation and gross margin expansion.
The order book improved 8.1% QoQ to $455 million.
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