Technology

Tech Mahindra is expected to post sales of US$107mn (vs. US$106mn expected),
registering a qoq growth of 4.0%. In Constant Currency (CC) terms, the company
posted a qoq growth of 5.0%. The EBIDTA margin came in at 14.9% (vs. 14.6%
expected vs. 14.6% in 1QFY2017). Margins adjusting for one–time restricting
expenses came in at 16.1%, an expansion of 120bps. Consequently, the PAT
came in at Rs645cr (vs. Rs755cr expected vs. Rs750cr in 1QFY2017), a decline of
14.0% qoq. We maintain our Buy rating on the stock.

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