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IDBI Capital Report
We attended the analyst meet of Tech Mahindra Ltd. The key highlight was that the company expects growth to be driven by account expansion, products and platform, large deals and expansion in new growth areas.
Tech Mahindra expects margins to improve in long run led by lower sub con, lower transition cost in large deals, selling, general and administrative cost improvement and divestment of low margin acquisitions.
However, in the near term we expect growth to be moderated due to challenges in top telecom client, macro uncertainty and seasonality in Comviva.
In terms of margins, we expect the company to improve margins to 16.6% and 16.9% in FY24E and FY25E but remain below FY22 margins.
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