Tech Mahindra Q4 Review- Ebit Margin Performance Continues To Surprise: IDBI Capital
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IDBI Capital Report
While Tech Mahindra Ltd.’s Q4 FY21 revenue was slightly lower than our forecast, Ebit margin was a beat.
Revenue grew by 0.7% QoQ in constant currency (up 1.6% QoQ in U.S. dollar terms).
Ebit margin improved by approximately 55 basis points QoQ to 16.5%, a 25-quarter high.
However, recurring earnings per share of Rs 13, 13.7%/ up 10.5% QoQ/YoY was a miss, impacted by forex loss and higher effective tax rate.
In Q4 FY21, the company has secured new deals with total contract value of $1,043 million and is confident of similar run-rate in Q1 FY22.
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