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IDBI Capital Report
Tech Mahindra Ltd. reported constant currency revenue growth of 2.9% QoQ mainly led by 3.1% QoQ growth in communication and 2.8% QoQ growth in enterprise.
Going forward, the company is witnessing some delay in decision making which led to some deal wins flowing into Q3. Further, higher furloughs in Q3 and macro headwinds in Europe will impact Tech Mahindra's revenues growth.
Hence, we have revised our revenue estimates downwards by 4% and 5% for FY23E and FY24E.
Further, furloughs, cross currency impact and weaker margins in H1 has prompted us to revise our earnings per share estimates for FY23E downwards by 1%.
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