Tech Mahindra Q4 Review - Total Contract Value, Commentary Assures Double-Digit Growth: Dolat Capital
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Dolat Capital Report
Tech Mahindra Ltd. reported constant currency growth of 0.7% QoQ (our estimate: 2.0%) due to weak performance of most verticals except banking financial services and insurance (4.9% QoQ growth).
Ebit margin further improved by 55 basis points to 16.5% (our estimate: 15.5%) led by higher off-shoring and improved operational efficiency.
Net new total contract value signings showed a strong improvement at $1 billion (expects similar traction in Q1) while trailing twelve months TCV were down 40% at $2.2 billion.
It has guided for double digit growth in FY22 which is led by improved deal win momentum and recovery in retail/manufacturing/telecom verticals.
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