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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.
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