2025-03-30 12:08:59 pm | Source: Motilal Oswal Financial Services Ltd
Buy Tech Mahindra Ltd For Target Rs. 1,950 by Motilal Oswal Financial Services Ltd
* Revenue growth may decline 0.8% QoQ CC in 4Q due to muted recovery in Telecom and Manufacturing (~50% of revenue). While the communications vertical has stabilized, recovery may take time.
* Margins are expected to rise 10bp despite wage hikes as Project Fortius continues to deliver.
* Rate of deal wins saw improvement in 3Q in key verticals such as Telecom and Hi-Tech. We anticipate the company can deliver good deal TCV in 4Q
* The outlook on segments such as CME, especially in US, and manufacturing verticals, will be the key monitorable.
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