1QFY2017 Result Update | IT
August 10, 2017
Tech Mahindra
BUY
CMP
`495
Performance Highlights
Target Price
`700
(` cr)
1QFY17
4QFY16
% chg (QoQ)
1QFY16
% chg (YoY)
Investment Period
12 Months
Net revenue
6,921
6,884
0.5
6,294
10.0
EBITDA
1,029
1,151
(10.6)
935
10.1
Stock Info
EBITDA margin (%)
14.9
16.7
(185)bps
14.9
1bps
Sector
IT
Adj. PAT
750
858
(12.6)
676
10.9
Market Cap (` cr)
48,116
Source: Company, Angel Research;
Net Debt (` cr)
(6,370)
For 1QFY2017, Tech Mahindra’s revenue came in at US$1,032mn V/s
Beta
0.8
US$1,027mn expected and V/s US$1,023mn in 4QFY2016, a QOQ growth of
52 Week High / Low
582/408
0.9%, driven by USA (which was 49.0% of sales V/s 46.8% in 4QFY2016), while
Avg. Daily Volume
184,948
ROW, constituting ~22.8% of sales V/s 24.7% in 4QFY2016 was a drag. On the
Face Value (`)
5
operating front, the EBIT margin came in at 12.0% V/s 12.3% expected and V/s
BSE Sensex
28,078
13.7% in 4QFY2016, QoQ dip of 161bp. Thus, the Adj. net profit came in at
Nifty
8,683
`750cr V/s `816cr expected and V/s `858cr in 4QFY2016, a QoQ de-growth of
Reuters Code
TEML.BO
12.6%. We maintain our Buy.
Bloomberg Code
[email protected]
Result highlights: The company posted sales of ( in US$ terms ), of US$1,032mn
V/s US$1,027mn expected and V/s US$1,023mn in 4QFY2016, a QoQ growth
Shareholding Pattern (%)
of 0.9%, driven by USA (which was 49.0% of sales V/s 46.8% in 4QFY2016),
Promoters
36.3
while ROW (constituting ~22.8% of sales V/s 24.7% in 4QFY2016) was a drag.
MF / Banks / Indian Fls
12.4
In terms of industries, Manufacturing and BFSI were the key drivers of the top-line
FII / NRIs / OCBs
40.3
of the company. Manufacturing constituted ~18.1% of sales V/s 17.1% in
Indian Public / Others
11.0
4QFY2016, while BFSI contributed ~11.3% of sales V/s 10.6% in 4QFY2016.
On the operating front, the EBIT margin came in at 12.0% V/s 12.3% expected
and V/s 13.7% in 4QFY2016, QoQ dip of 161bp. Thus, the Adj. net profit came
Abs.(%)
3m 1yr
3yr
in at `750cr V/s `816cr expected and V/s `858cr in 4QFY2016, a QoQ
Sensex
11.3
(0.4)
46.5
de-growth of 12.6%.
Tech Mahindra
12.0
(12.4)
73.0
Outlook and valuation: We expect a CAGR of 10.6% and 12.8% in USD and
INR revenue respectively over FY2016-18E.The PAT is expected to grow at a
3-year price chart
CAGR of 13.2% over FY2016-18E. We maintain our Buy on the stock.
800
700
Key financials (Consolidated, Indian GAAP)
600
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
500
Net sales
22,621
26,494
30,347
33,685
400
300
% chg
20.1
17.1
14.5
11.0
200
Net profit
2,628
3,118
3,633
3,999
100
% chg
(10.4)
18.7
16.5
10.1
0
EBITDA margin (%)
18.4
16.3
17.0
17.0
EPS (`)
27.1
32.2
37.5
41.3
P/E (x)
18.2
15.4
13.2
12.0
Source: Company, Angel Research
P/BV (x)
3.9
3.3
2.9
2.5
RoE (%)
21.5
21.7
21.8
20.7
RoCE (%)
24.0
20.8
22.4
21.9
Sarabjit kour Nangra
EV/Sales (x)
2.1
1.7
1.4
1.2
+91 22 3935 7800 Ext: 6806
EV/EBITDA (x)
11.4
10.3
8.3
7.1
[email protected]
Source: Company, Angel Research; Note: CMP as of August 5, 2016
Please refer to important disclosures at the end of this report
1
Tech Mahindra | 1QFY2017 Result Update
Exhibit 1: 1QFY2017 performance (Consolidated, Indian GAAP)
(` cr)
1QFY17
4QFY16
% chg (qoq)
1QFY16
% chg (yoy)
FY16
FY15
% chg (yoy)
Net revenue
6,921
6,884
0.5
6,294
10.0
26,494
22,621
17.1
Cost of revenue
4,881
4,780
2.1
4,451
9.7
18,323
12,911
41.9
Gross profit
2,040
2,103
(3.0)
1,843
10.7
8,172
9,710
(15.8)
SG&A expense
1,011
952
6.2
908
11.4
3,853
5,558
(30.7)
EBITDA
1,029
1,151
(10.6)
935
10.1
4,318
4,152
4.0
Dep. and amortization
202
218
(7.2)
173
16.7
762
611
24.7
EBIT
827
933
(11.4)
762
8.5
3,556
3,541
0.4
Interest
27
33
(17.0)
12
128.3
96
30
220.3
Other income
246
160
53.3
137
79.4
557
106
425.1
PBT
1,046
1,061
(1.4)
887
17.9
4,017
3,617
11.1
Income taxes
247
181
210
17.5
860
960
(10.4)
PAT
799
880
(9.2)
677
18.0
3,157
2,657
18.8
Minority interest
(46)
(23)
106.4
2
-
-
14
(100.0)
PAT after minority interest
752
858
(12.3)
675
11.5
3,157
2,628
20.1
Profit from associates
(2)
0
1
39
-
Exceptional item
-
-
-
-
-
Reported PAT
750
858
(12.6)
676
10.9
3,118
2,628
18.6
Adj. PAT
750
858
(12.6)
676
10.9
3,118
2,628
18.6
Diluted EPS
7.8
8.9
(12.6)
7.0
10.9
32.4
27.3
18.6
Gross margin (%)
29.5
30.6
(108)bp
29.3
20bp
30.8
42.9
(1208)bp
EBITDA margin (%)
14.9
16.7
(185)bp
14.9
1bp
16.3
18.4
(206)bp
EBIT margin (%)
12.0
13.6
(161)bp
12.1
(16)p
13.4
15.7
(223)bp
PAT margin (%)
10.8
12.5
(162)bps
10.7
10ps
11.8
11.6
15bp
Source: Company, Angel Research
Exhibit 2: 1QFY2017 - Actual Vs Angel estimates
(` cr)
Actual
Estimate
% Var
Net revenue
6,921
6,880
0.6
EBITDA margin (%)
14.9
15.3
(43)bps
PAT
750
816
(8.1)
Source: Company, Angel Research
Revenue growth led by USA
For 1QFY2017, the company posted sales of `6,921cr V/s `6,880cr expected and
V/s `6,884cr in 4QFY2016, a QoQ growth of 0.5%. In US$ terms, revenues came
in at US$1,032mn V/s US$1,027mn expected and V/s US$1,023mn in
4QFY2016, a QoQ growth of 0.9%.
The top-line growth was driven by USA (which was 49.0% of sales V/s 46.8% in
4QFY2016), while ROW was a drag, constituting
~22.8% V/s
24.7% in
4QFY2016. In terms of industries, Manufacturing and BFSI were the key drivers of
top-line. Manufacturing constituted ~18.1% of sales V/s 17.1% in 4QFY2016,
while BFSI contributed ~11.3% of sales V/s 10.6% of sales in 4QFY2016.
During the quarter, the Communication vertical’s revenue was flat despite
seasonal strength in Comviva. The company is in the process of cutting down on
non-core/non-profitable businesses in LCC, which caused a decline in run-rate to
~USD320mn compared to ~USD400mn when the company was acquired.
Growth in the Manufacturing vertical (0.8% QoQ) continued to remain weak on
account of pressure in the oil & gas sector.
August 10, 2017
2
Tech Mahindra | 1QFY2017 Result Update
Exhibit 3: Trend in revenue growth
1,040
9.0%
8.0%
1,030
6.5%
7.0%
1,020
6.0%
1,010
5.0%
1,000
4.0%
990
3.0%
980
2.2%
2.0%
970
0.8%
1.0%
0.5%
0.4%
960
0.0%
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
Sales ( in US $mn)
qoq (%)
Source: Company, Angel Research
Exhibit 4: Growth in industry segments
Particulars
% to revenue
% growth (QoQ)
% growth (YoY)
Telecom
49.2
(2.5)
(2.6)
Manufacturing
18.1
6.8
10.4
TME
7.5
0.9
7.1
BFSI
11.3
7.5
17.8
RTL
6.5
5.8
4.3
Others
7.3
(4.4)
17.1
Source: Company, Angel Research
In terms of geographies, ROW posted a de-growth of 6.9% QoQ. while Europe
and the US posted a 0.2% QoQ and 5.6% QoQ growth, respectively. The 6.9%
QoQ decline in ROW is owing to decline in Comviva, excluding which momentum
has been picking up.
Exhibit 5: Growth trend in geographies
Particulars
% to revenue
% growth (QoQ)
% growth (YoY)
Americas
49.0
5.6
7.1
Europe
28.3
0.2
0.4
RoW
22.8
(6.9)
3.8
Source: Company, Angel Research
August 10, 2017
3
Tech Mahindra | 1QFY2017 Result Update
Hiring and client metrics
During the quarter, the company reported a net addition of 1,784 employees,
taking its overall headcount to 1,07,216. The BPO headcount currently stands at
27, 326 and was the only division to witness additions. Attrition (on LTM basis) was
at 21%.
Exhibit 6: Employee metrics
Particulars
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
Software professionals
71,997
71,657
71,892
72,125
73,590
BPO professionals
24,394
26,513
28,279
27,254
27,326
Sales & support
7,232
7,065
6,966
6,053
6,300
Total employees
1,03,673
1,05,235
1,07,137
105,432
107,216
Attritions (%)
19
20
20
21
21
Source: Company, Angel Research
Exhibit 7: Trend in utilization rate
79
78
78
77
77
77
77
76
75
74
74
73
72
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
Source: Company, Angel Research
The company added 11 new clients during the quarter, taking the active client
base to 818 V/s 807 in 4QFY2016, with 2 clients added in US$20-50mn+
bracket and other additions mainly in the US$5-10mn+ bracket.
Exhibit 8: Client metrics
Particulars
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
Total active clients
788
767
801
807
818
US$1mn-5mn
196
195
221
207
197
US$5mn-10mn
40
40
42
49
56
US$10mn-20mn
26
21
26
23
22
US$20mn-50mn
22
22
23
26
28
US$50mn+
14
13
14
14
14
Source: Company, Angel Research
August 10, 2017
4
Tech Mahindra | 1QFY2017 Result Update
Operating margin dips
On the operating front, the EBDITA margin came in at 14.9%, a qoq dip of
185bps, while the EBIT margin came in at 12.0% V/s 12.1% in 1QFY2016, while it
was down qoq 161bps. Margins during the quarter were impacted by seasonal
weakness in Comviva, visa expenses , and positively operational efficiencies.
Exhibit 9: Margin trend (%)
40
35
35.3
30
32.0
31.3
29.3
29.5
25
20
16.6
16.9
16.7
14.9
14.9
15
12.0
13.7
14.4
13.6
10
12.1
5
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
Gross margin
EBITDA margin
EBIT margin
Source: Company, Angel Research
Investment arguments
Growth prospects decent; Brexit a near term concern: The Management is more
optimistic about the Communications vertical (excluding LCC, where a lot of
portfolio rationalization has taken place). In the near term, the Management feels
Brexit could cause temporary instability and uncertainty; however it is too early to
call out any immediate business implications. We expect a CAGR of 10.6% and
12.8% in USD and INR revenue, respectively, over FY2016-18E.
Deal pipeline healthy: Tech Mahindra remains confident of improving revenue
growth, citing healthy deal pipeline along with pick up in discretionary spending,
primarily in the US. The Management sounded confident of demand from BFSI,
Healthcare, Manufacturing and Retail. Tech Mahindra is following a two-pronged
strategy to expand its enterprise business ie providing end-to-end offerings in
leadership areas like Manufacturing and following a niche offerings-led entry
strategy in areas like BFSI where it is a challenger. Better cross-sell of services can
help grow marquee accounts post the recent acquisitions. We expect the enterprise
segment growth to be led by broader revival in the markets and deepening of
existing relationships. During 1QFY2017 the company won deals worth TCV of
US$300mn. The pipeline has grown by 20% QoQ and includes multiple mid-large
deals. The maximum growth in pipeline has been from out of the Americas. APAC
too has been showing increasing traction.
Inorganic growth initiatives to augment well for company: The company has been
active in the M&A space, with it having acquired Satyam a few years back, to
acquiring LCC and Softgen recently. Softgen’s and LCC’s acquisition was
consolidated in 4QFY2015. LCC is one of the world’s largest independent global
providers of network engineering services to the telecommunications industry with
August 10, 2017
5
Tech Mahindra | 1QFY2017 Result Update
an estimated annual revenues of more than US$400mn (CY2014), with workforce
of over 5,700 network professionals across five continents and more than 50
countries. With this acquisition, Tech Mahindra will also be addressing a rapidly
growing market opportunity as telecommunications companies and enterprises
accelerate their network upgrade cycle.
Outlook and valuation
Given the recent acquisitions and healthy order pipeline, the company is expected
to post a healthy US$ and INR CAGR of 10.6% and 12.8%, respectively, over
FY2016-18E. However, the acquisition of LCC will be margin dilutive in the near
term, leading the FY2016 EBDIT margin to drop to 16.3% from 22.2% in FY2014.
The company, given its success in turnaround of its earlier acquisition - Satyam,
believes it would be able to do the same with the recent acquisitions and would be
able to get close to achieving the 20% EBIT levels in future. The company is one of
the fastest growing IT companies. Given the conducive valuation on EV/sales front,
where it trades at a significant discount to its peers, we believe the stock should
witness uptrend once the profitability returns to its mean average. We recommend
a Buy rating on the stock.
Exhibit 10: Key assumptions
FY2017E
FY2018E
Revenue growth (US$)
10.3
11.0
USD-INR rate (realized)
67.5
67.5
Revenue growth (`)
14.5
11.0
EBITDA margin (%)
17.0
17.0
Tax rate (%)
23.4
23.4
EPS growth (%)
16.5
10.1
Source: Company, Angel Research
Exhibit 11: One-year forward PE (x)
800
600
400
200
0
Price
20x
17x
14x
11x
8x
Source: Company, Angel Research. Note: P/E includes profits of Mahindra Satyam from FY2012
August 10, 2017
6
Tech Mahindra | 1QFY2017 Result Update
Exhibit 12: Recommendation summary
Company
Reco
CMP Tgt Price Upside
FY2018E FY2018E
FY2016-18E
FY2018E FY2018E
(`)
(`)
(%)
EBITDA (%)
P/E (x)
EPS CAGR (%)
EV/Sales (x)
RoE (%)
HCL Tech
Buy
822
1,000
21.7
20.5
12.8
9.6
1.4
17.9
Infosys
Accumulate
1,067
1,370
28.4
27.5
14.8
10.4
2.6
22.3
TCS
Buy
2,649
3,004
13.4
27.3
17.6
13.0
3.6
35.5
Tech Mahindra
Buy
495
700
41.4
17.0
12.0
13.2
1.1
20.7
Wipro
Buy
545
680
24.8
17.9
14.8
9.9
2.1
19.6
Source: Company, Angel Research.
Company Background
Tech Mahindra was founded in 1986 as a joint venture between Mahindra Group
and British Telecom (BT) to service the latter. Later on, the company started
servicing other external clients as well (solely in the telecom industry).In June 2009,
Tech Mahindra acquired a 42.7% stake in erstwhile Satyam Computers (now
Mahindra Satyam) and now the latter is entirely merged with the company.
The company has recently acquired the companies - LCC and Softgen. These two
acquisitions have been consolidated in 4QFY2015. LCC is one of the world’s
largest independent global providers of network engineering services to the
telecommunications industry. LCC is estimated to have annual revenues of more
than US$400mn (CY2014), with workforce of over 5,700 network professionals
across five continents and more than 50 countries.
August 10, 2017
7
Tech Mahindra | 1QFY2017 Result Update
Profit and loss statement (Consolidated, Indian GAAP)
Y/E March (` cr)
FY2014
FY2015 FY2016 FY2017E FY2018E
Net sales
18,831
22,621
26,494
30,347
33,685
Cost of revenues
12,427
15,920
18,323
20,333
22,569
Gross profit
6,404
6,701
8,172
10,015
11,116
% of net sales
34.0
29.6
30.8
33.0
33.0
SG&A expenses
2,220
2,549
3,853
4,856
5,390
% of net sales
11.8
11.3
14.5
16.0
16.0
EBITDA
4,184
4,153
4,318
5,159
5,726
% of net sales
22.2
18.4
16.3
17.0
17.0
Depreciation and amortization
522
611
762
819
910
% of net sales
2.8
2.7
2.9
2.7
2.7
EBIT
3,662
3,541
3,556
4,340
4,817
% of net sales
19.4
15.7
13.4
14.3
14.3
Interest expense
80
30
96
96
96
Other inc., net of forex gain/(loss)
233
106
557
557
557
Profit before tax
3,815
3,618
4,017
4,800
5,277
Provision for tax
752
960
860
1,123
1,235
% of PBT
19.7
26.5
21.4
23.4
23.4
PAT
3,063
2,659
3,157
3,677
4,043
Exceptional item
-
-
-
-
-
Minority interest
34
31
44
44
44
Reported PAT
3,029
2,628
3,118
3,633
3,999
Adjusted PAT
2,933
2,628
3,118
3,633
3,999
Fully diluted EPS (`)
30.3
27.1
32.2
37.5
41.3
August 10, 2017
8
Tech Mahindra | 1QFY2017 Result Update
Balance sheet (Consolidated, Indian GAAP)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017E
FY2018E
Equity capital
234
480
484
484
484
Preference capital
-
-
-
-
-
Share premium
-
-
-
-
-
Profit and loss
8,947
11,768
13,882
16,157
18,796
Other reserves
2
0
0
0
-
Net worth
9,182
12,249
14,367
16,641
19,280
Secured loans
309
621
806
806
806
Unsecured loans
54
54
54
55
56
Total debt
363
675
859
860
861
Other long term liability
376
376
376
377
377
Long-term provisions
414
414
414
415
415
Minority interest
144
160
203
145
145
Amount pending investigation
1,230
895
895
895
895
Total capital employed
11,709
14,768
17,114
19,333
21,973
Gross block
5,460
7,811
8,811
9,811
10,811
Accumulated dep.
(2,866)
(3,477)
(4,239)
(5,058)
(5,968)
Net block
2,594
4,334
4,572
4,753
4,844
Capital WIP
266
266
266
267
268
Total fixed assets
2,861
4,601
4,839
5,020
5,112
Investments
36
2,103
2,103
2,103
2,103
Long term loans and adv.
914
1,306
1,502
1,727
1,986
Interest in TML benefit trust
-
-
-
-
-
Deferred tax asset, net
383
390
390
390
390
Other non-current assets
16
-
-
-
-
Inventories
10
24
11
11
11
Sundry debtors
4,349
5,206
5,987
6,896
7,980
Cash and cash equv.
4,756
2,405
5,127
6,905
9,118
Loans and advances
2,616
3,813
2,998
2,999
2,999
Current investments
-
-
-
-
-
Unbilled revenue
-
-
-
-
-
Sundry creditors
(1,549)
(1,654)
(1,903)
(2,188)
(2,516)
Other liabilities
(1,415)
(1,627)
(1,871)
(2,152)
(2,474)
Provision
(1,267)
(1,799)
(2,068)
(2,379)
(2,736)
Working capital
7,500
6,368
8,280
10,092
12,382
Total capital deployed
11,709
14,768
17,114
19,333
21,973
August 10, 2017
9
Tech Mahindra | 1QFY2017 Result Update
Cash flow statement (Consolidated, Indian GAAP)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017E FY2018E
Pre tax profit from operations
3,063
2,659
3,157
3,677
4,043
Depreciation
522
611
762
819
910
Exp. (deffered)/written off/others
-
-
-
-
-
Pre tax cash from operations
3,585
3,270
3,919
4,496
4,952
Other income/prior period ad
233
106
557
557
557
Net cash from operations
3,818
3,376
4,475
5,053
5,509
Tax
(752)
(960)
(860)
(1,123)
(1,235)
Cash profits
3,066
2,417
3,615
3,930
4,274
Sundry Debtors
(980)
(857)
(781)
(909)
(1,085)
Inventories
1
(15)
13
-
-
Loans and advances
(1,324)
(1,197)
815
(1)
-
Sundry creditors
692
105
248
285
328
Others
(623)
212
244
281
323
Net trade working capital
(2,233)
(1,752)
540
(344)
(434)
Cashflow from operating activities
832
665
4,155
3,586
3,840
(Inc)/dec in fixed assets
(369)
(1,740)
(238)
(182)
(91)
(Inc)/dec in investments
-
(2,067)
-
-
-
(Inc)/dec in other non current assets
104
16
-
-
-
Cashflow from investing activities
(265)
(3,791)
(238)
(182)
(91)
Inc/(dec) in debt
490
(311)
(185)
(1)
(1)
Inc/(dec) in deferred revenue
-
-
-
-
-
Inc/(dec) in equity/premium
(2)
1
-
-
0
Inc/(dec) in minority interest
(9)
(16)
(43)
59
-
Addition to reser. on amalgamation
-
-
-
-
-
Dividends
(231)
(679)
(1,359)
(1,359)
(1,359)
Others
479
1,781
392
(325)
(176)
Cashflow from financing activities
726
775
(1,195)
(1,626)
(1,535)
Cash generated/(utilised)
1,294
(2,351)
2,722
1,778
2,213
Cash at start of the year
3,463
4,756
2,405
5,127
6,905
Cash at end of the year
4756
2405
5127
6905
9118
August 10, 2017
10
Tech Mahindra | 1QFY2017 Result Update
Key Ratios
Y/E March
FY2014
FY2015
FY2016
FY2017E
FY2018E
Valuation ratio (x)
P/E (on FDEPS)
16.3
18.2
15.4
13.2
12.0
P/CEPS
13.5
14.8
12.4
10.8
9.8
P/BVPS
5.2
3.9
3.3
2.9
2.5
Dividend yield (%)
1.0
1.0
2.4
1.2
1.4
EV/Sales
2.4
2.1
1.7
1.4
1.2
EV/EBITDA
10.6
11.4
10.3
8.3
7.1
EV/Total assets
15.6
10.3
9.2
8.5
7.9
Per share data (`)
EPS
30.3
27.1
32.2
37.5
41.3
Cash EPS
36.7
33.5
40.1
46.0
50.7
Dividend
5.0
5.0
12.0
6.0
7.0
Book value
94.9
126.6
148.4
171.9
199.2
Dupont analysis
Tax retention ratio (PAT/PBT)
0.8
0.7
0.8
0.8
0.8
Cost of debt (PBT/EBIT)
1.0
1.0
1.1
1.1
1.1
EBIT margin (EBIT/Sales)
0.2
0.2
0.1
0.1
0.1
Asset turnover ratio (Sales/Assets)
6.6
4.9
5.5
6.0
6.6
Leverage ratio (Assets/Equity)
0.3
0.4
0.3
0.3
0.3
Operating ROE (%)
33.0
21.5
21.7
21.8
20.7
Return ratios (%)
RoCE (pre-tax)
31.3
24.0
20.8
22.4
21.9
Angel RoIC
54.8
29.3
30.3
35.7
38.3
RoE
31.9
21.5
21.7
21.8
20.7
Turnover ratios( x)
Asset turnover (fixed assets)
6.6
4.9
5.5
6.0
6.6
Receivables days
78
92
89
89
91
Payable days
26
29
28
28
29
August 10, 2017
11
Tech Mahindra | 1QFY2017 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Disclosure of Interest Statement
Tech Mahindra
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
August 10, 2017
12