Buy Tech Mahindra: target of Rs 1000: Sharekhan

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Sharekhan's research repor on Tech Mahindra

A rebranded strategy will focus on capturing opportunities in targeted digital areas, partnerships & alliances, large deal wins, execution and talent transformation. Management remains confident that the BFSI, manufacturing and hi-tech verticals would clock revenue of over $1 billion each in 1-2 years. Management has guided for high-single digit revenue growth (led by double-digit growth in enterprise segment and acceleration in communication revenue) with 15% EBIT margin in FY2022E. We expect a higher payout to shareholders, going ahead.

Outlook

We maintain our Buy rating on Tech Mahindra (TechM) with an unchanged PT of Rs. 1,000 considering opportunities in the 5G segment, strong growth potential in enterprise segment and scope for margin improvement.

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