ICICI Direct has given Buy recommendation for Tech Mahindra with a target price of Rs. 1850 in its research report issued on Feb 03, 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)


We continue to remain positive and retain our BUY rating on the stock We value TechM at Rs 1850 i.e. 23x P/E on FY24E EPS


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