Technology

For 1QFY2018 Tech Mahindra posted good set of numbers. The sales came in at US$1,138mn (US$1,127mn expected) v/s. US$1,131mn in 4QFY2017, a qoq growth of 0.6%. In Rupee terms, sales came in at `7,336cr (`7,262cr expected) v/s. `7,495cr in 4QFY2017, a qoq dip of 2.1%. On operating front, the EBIT margins came in at 9.4% (8.6% expected v/s. 8.2% in 4QFY2017, a qoq expansion of 117bps, mainly on the back of base effect. Consequently, the PAT came in at `798cr (`624cr expected) v/s. `588cr in 4QFY2017, a qoq growth of 35.8%. We maintain our Buy rating on the stock.

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