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Dolat Capital Report
Tech Mahindra Ltd. reported constant currency growth of 7.2% QoQ (our estimate: 4.0%) led by traction in both communications, media, entertainment/enterprise vertical that grew by 7.7% and 7.0% QoQ.
Operating profit margin were flat (up 5 basis points) to 15.2% (our estimate: 15.5%) as operating leverage gains were negated by strong hiring (up 12% QoQ) and increased sub-con (up 10% QoQ).
Net new total contract value signings stood at $750 million. Trailing twelve months TCV is now at $3 billion (up 25%).
Despite modest TCV signings, Tech Mahindra is confident of sustaining traction in FY22E and beyond and as it has attributed the lower TCV is on account of lumpy nature and shorter annual contract values (sprint deals).
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