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Yes Securities Report
Tech Mahindra Ltd. reported inline financial performance for the quarter. Both, sequential revenue growth and Ebit margin was as per expectation.
It reported sequential growth of 3.3% QoQ in Indian rupee terms, (up 0.4% QoQ in U.S. dollar terms), led by manufacturing (up 5.1% QoQ); and technology (up 4.5% QoQ).
The Indian rupee reported growth was supported by depreciation of Indian rupee by 3.4% QoQ versus U.S. dollar.
There was sequential improvement in Tech Mahindra's Ebit margin (up 32bps QoQ) despite wage hike in the quarter, led by increased focus on operational efficiency. There was moderation in employee attrition as last twelve months attrition was down 2% QoQ to 20%.
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