Buy Tech Mahindra; target of Rs 1942: Prabhudas Lilladher

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Prabhudas Lilladher’s research report on Tech Mahindra

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Tech M reported revenue growth of 4.7% QoQ CC, 4.1% QoQ USD, in-line with our estimates (4.7% QoQ CC, 4.1% QoQ USD). Organic growth was 4% QoQ USD. Growth was strong in Communications (+6.2% QoQ USD), whereas it was soft in Enterprise vertical 2.7% QoQ USD due to softness in BFSI (-1.5% QoQ USD) and Technology (-1.9% QoQ USD) driven by furloughs. TechM reported healthy deal TCV of $700 mn +55% YoY, -6% QoQ. Demand momentum is strong in 5G and network services. Growth momentum in communication is expected to remain healthy as telcos are adopting agile way of contracting by initially creating smaller milestones which add up to larger engagements.

Outlook

Global Tech News Daily

Our EPS estimates decrease by 3.2%/1.2% for FY22/23 led by cut in margin estimates and remain unchanged for FY24. We arrive at DCF based target price of Rs.1942 from earlier Rs.1945 (implying target multiple of 23x on FY24 EPS). TechM is currently trading at earnings multiple of 20x/18x on FY23/24 EPS of INR 76.5/84.4 respectively. TechM has Revenue/EPS CAGR of 13.8%/15.3% over FY22-24. Maintain Buy.

More Info on Trent

Global Tech News Daily

At 17:30 Tech Mahindra was quoting at Rs 1,455.05, down Rs 27.70, or 1.87 percent.

It has touched an intraday high of Rs 1,483.05 and an intraday low of Rs 1,449.90.

It was trading with volumes of 89,921 shares, compared to its thirty day average of 149,781 shares, a decrease of -39.97 percent.

In the previous trading session, the share closed down 1.61 percent or Rs 24.30 at Rs 1,482.75.

The share touched its 52-week high Rs 1,837.75 and 52-week low Rs 915.05 on 30 December, 2021 and 26 February, 2021, respectively.

Currently, it is trading 20.82 percent below its 52-week high and 59.01 percent above its 52-week low.

Market capitalisation stands at Rs 141,280.88 crore.

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