ICICI Direct has given Buy recommendation for Tech Mahindra recommended buy rating on the stock with a target price of Rs 2150 in its research repo with a target price of Rs. 2150 in its research report issued on Dec 28, 2021

ICICI Direct’s research report on Tech Mahindra

Tech Mahindra (TechM) has over 1.2 lakh employees across 90 countries serving 1000+ clients with higher exposure to telecom (40% of revenues). Apart from telecom, the company caters to BFSI, manufacturing & retail • TechM has grown organically & inorganically (dollar revenue CAGR of 5.6% over the past five years).

Outlook

We remain positive on the stock and maintain BUY rating. We roll over valuations to FY24E and value Tech M at Rs 2150 i.e. 25x P/E on FY24E EPS.

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