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Prabhudas Lilladher Report
Tech Mahindra Ltd. reported revenue growth of 4.7% QoQ constant currency, 4.1% QoQ U.S. dollar, in-line with our estimates (4.7% QoQ CC, 4.1% QoQ USD).
Organic growth was 4% QoQ USD. Growth was strong in communications (up 6.2% QoQ USD), whereas it was soft in enterprise vertical 2.7% QoQ USD due to softness in banking, financial services and insurance (down 1.5% QoQ USD) and technology (down 1.9% QoQ USD) driven by furloughs.
Tech Mahindra reported healthy deal total contract value of $700 million up 55% YoY, down 6% QoQ.
Demand momentum is strong in 5G and network services. Growth momentum in communication is expected to remain healthy as telcos are adopting agile way of contracting by initially creating smaller milestones which add up to larger engagements.
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