Tech Mahindra Q4 Review - Total Contract Value, Commentary Assures Double-Digit Growth: Dolat Capital
A Tech Mahindra Ltd. office building in the Electronic City area of Bengaluru, India. (Photographer Dhiraj Singh/Bloomberg)

Tech Mahindra Q4 Review - Total Contract Value, Commentary Assures Double-Digit Growth: Dolat Capital

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

Dolat Capital Tech Mahindra Q4FY21 Result Update.pdf

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