Tech Mahindra Posts Strong Operating Q3 Performance, Deal Momentum To Improve Further: Prabhudas Lilladher 
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Tech Mahindra Posts Strong Operating Q3 Performance, Deal Momentum To Improve Further: Prabhudas Lilladher 

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Prabhudas Lilladher Report

Tech Mahindra Ltd. reported revenue of $1308.7 million up 3.4% QoQ above our and street estimates. (our estimate 2%, consensus 2.5%).

Revenue growth was led by business process outsourcing that grew by 11.5% QoQ. IT services grew by 2.5% QoQ.

Ebit margins surprised us positively at 15.9% (our estimate and consensus 14.2%) led by record high utilisation, improved offshoring, delivery excellence.

Management guided that margins can be maintained at 14-15% levels in FY22. We have estimated 14.9%/14.8% Ebit margin for FY22/23E.

Deal win total contract value is up 8% QoQ $ 445 million and will continue to improve.

Click on the attachment to read the full report:

Prabhudas Lilladher Tech Mahindra Q3FY21 Result Update.pdf

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