Tech Mahindra Q1 Review – Margins Steady, Healthy Order Book: ICICI Direct

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Tech Mahindra Ltd. reported a healthy Q1 FY22 despite seasonally weak mobility revenues.

Hence, we expect Q2 FY22E to be healthier than Q1.

The company has seen improving order book, client mining (added one client in $50 million and another in $20 million) and large deal traction.

In terms of verticals, healthcare (led by large deal won), manufacturing and hi-tech is seeing healthy traction on enterprise side.

In hi-tech, Tech Mahindra is seeing healthy traction in product engineering, hyper scalers and semiconductors.

The company is seeing healthy traction in cloud, customer experience, data, artificial intelligence as key enablers of growth.

The company is also seeing healthy partner system led by mergers and acquisitions.

Click on the attachment to read the full report:

ICICI Direct Tech Mahindra Q1FY22 Result Update.pdf


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