Published on 18/07/2019 12:05:45 PM | Source: Reliance Securities Ltd

Update On Tech Mahindra Limited By Reliance Securities

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* Tech Mahindra’s (TECHM IN) stock price rose by 2.3% in yesterday’s trade, while the BSE Sensex rose 0.2%.

* Tech Mahindra’s Enterprise Business is expected to be the major revenue growth driver over the next few years, led by BFSI and Retail, apart from Digital initiatives.

* The company has performed well on margins, with >300bps YoY expansion witnessed in FY19 led by operational efficiency and INR depreciation.

* Revenue outlook appears to be improving for FY20E, albeit with the risk of 5G expansion getting delayed owing to trade wars.

We have a positive outlook on Tech Mahindra.



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