Tech Mahindra Q3 Review - Inexpensive Valuation With Elevated Operational Risk: Motilal Oswal
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Motilal Oswal Report
Tech Mahindra Ltd.’s Q3 FY21 U.S. dollar revenue growth of 2.8% QoQ (constant currency) came in ahead of our expectation as it continued to benefit from strong demand in its business process outsourcing business (up 11% QoQ), which accounted for half of incremental growth in the second consequent quarter.
Performance in the communications vertical improved with 3.6% QoQ CC growth, while enterprise was up 2.6%.
New deal wins rose marginally to $455 million, although the company continued to see a record high deal pipeline, including in 5G network services.
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