Geojit recommended has given Is bullish on Tech Mahindra has recommended buy recommendation for Tech Mahindra with a target price of Rs. 1372 in its research report issued on May 18, 2022

Geojit’s research report on Tech Mahindra

Tech Mahindra Ltd. is one of the top 5 IT companies in India which provides IT and ER&D services for telecommunication equipment manufacturers, telecom service providers, software vendors, and systems integrators. For Q4FY22, Tech Mahindra Limited reported 24.5% YoY increase in revenue to reach Rs. 12,116cr and 39.2% YoY increase in PAT to reach Rs. 1,505cr. EBITDA margin shrank 230bps YoY to 17.2% due to increased subcontractor costs, higher employee costs along with lower utilization. We remain positive on the company’s business outlook in the mediumto-long-term, considering company’s capabilities in new techs and the strong deal pipeline.


We reiterate our BUY rating on the stock with a revised target price of Rs. 1,372 based on 17x FY24E Adj. EPS.

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