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TECH MAHINDRA LTD.

NSE : TECHMBSE : 532755ISIN CODE : INE669C01036Industry : IT - Software House : Mahindra & Mahindra
BSE755.95-2.1 (-0.28 %)
PREV CLOSE ( ) 758.05
OPEN PRICE ( ) 760.50
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 755.95 (76)
VOLUME 30171
TODAY'S LOW / HIGH ( )753.00 765.95
52 WK LOW / HIGH ( )607.9 846
NSE756.45-1.5 (-0.2 %)
PREV CLOSE( ) 757.95
OPEN PRICE ( ) 761.00
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 756.45 (2518)
VOLUME 1184008
TODAY'S LOW / HIGH( ) 752.50 766.00
52 WK LOW / HIGH ( )607.15 846.5
AnalystDate06 Nov 2019
BSECode532755
BlogURLNA
NoteDescriptionAfter a soft start to the year, TECHM reported a healthy growth in revenue front while PAT was benefited by one time tax refund (grew 17%sequentially) . The quarter saw a broad based growth across all fronts ( record TCV wins~1.4billion, growth in digital revenues 11.8% QoQ and bounce back of enterprise segment ).Enterprise grew 5.6%QoQ after few soft quarters while communication continued its growth momentum by growing 1%QoQ. Going forward, incremental revenue from the new AT&T deal and continued traction in enterprise segment will drive growth in H2FY20( a bit moderate than 2QFY20 level) while transition costs will drag margins in next two or three quarters , thus resulting in overall margin decline of 190 bps from FY19 margins. Also, Although the management has given guidance of pulling up margins to 15% level for FY21, we still feel it will challenging task as it has not been able to do that in the past. Post result, we reduced our FY20 margin by 30bps and unchanged our margins for FY21 owing to margin pressure. Thus we largely maintain our Neutral stance on stock with the target price of Rs 690
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