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TECH MAHINDRA LTD.

NSE : TECHMBSE : 532755ISIN CODE : INE669C01036Industry : IT - Software House : Mahindra & Mahindra
BSE568.65-8.05 (-1.4 %)
PREV CLOSE ( ) 576.70
OPEN PRICE ( ) 577.00
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 192457
TODAY'S LOW / HIGH ( )561.60 577.00
52 WK LOW / HIGH ( )470.25 845.7
NSE569.00-8.3 (-1.44 %)
PREV CLOSE( ) 577.30
OPEN PRICE ( ) 572.00
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 569.00 (509)
VOLUME 3959576
TODAY'S LOW / HIGH( ) 561.35 572.00
52 WK LOW / HIGH ( )471.4 845.9
AnalystDate04 May 2020
BSECode532755
BlogURLNA
NoteDescriptionAfter two quarters of steady growth recovery in major verticals , TECHM 4QFY20 result was a major disappointment. Both revenue and margin posted a sharp decline of 4.3%/19.4%QoQdue to Covid-19 uncertainty. Telecom registered a de-growth of 8.3%QoQ post a strong uptick in 3Q due to weak Comviva and lower BPM revenue (Covid19)while weakness in manufacturing , retail and TME dragged enterprise growth .Going forward, we expect TECHM to underperform among Tier 1 considering delay in 5G roll out (Telecom)and reduction in discretionary spend (enterprise ) to impact the growth in FY21E.Enterprise vertical which has been weak for few quarter now will unlikely to get any major benefit from uptick in digital spends post Covid crisis .Also TECHM ‘s higher client concentration (top 10 contributes 31%)will create more pricing pressure than peers . Post result , seeing weak quarter and near term challenges in major verticals ,we have reduced our revenue estimates by 10.8%for FY21.Thus we maintain our NEUTRAL rating to stock with revised target price of Rs583
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