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Motilal Oswal Report
In U.S. dollar terms, Tech Mahindra Ltd.'s revenue growth of 3.9% QoQ constant currency in Q1 FY22 was above our estimate mainly on account of communications (up 2.9% versus expectation of flat growth).
The enterprise business reported a growth of 4.7% QoQ CC.
New deal wins fell 20% QoQ to $815 million (0.6 times B2B), but stayed ahead of past trends, while the qualified pipeline remained at historical peaks.
Ebit margin dipped by 130 basis point QoQ in Q1 FY22 (led by wage hike, visa cost and seasonality in communications), but was 90 bps above our estimate.
Tech Mahindra added 5,200 employees in Q1 FY22 (70% in the business process service vertical), although software professionals remained below Q1 FY21 levels.
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