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Tech Mahindra Ltd.’s organic revenue remained largely stagnant (QoQ), behind our/consensus estimates.
Even the tepid growth was driven by unreliable geographies like rest of world (up 6.2% QoQ, U.S. dollar), while key markets like U.S. (down 1.3% QoQ, U.S. dollar) posted a decline.
Unburdened by wage hikes (contrary to industry), also aided by further ~0.9% QoQ reduction in delivery headcount and lower data and analytics, the company was able to report 60 basis points Ebit margin expansion.
Net new deal wins ($1,043 million) was strong driven by large deals like Telefonica.
However, their translation into future growth is the key monitorable given the limited causality in the past.
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