ICICI Direct has given Buy recommendation for Tech Mahindra with a target price of Rs. 1170 in its research report issued on Jul 27, 2022

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 6.6% over the past five years).

Outlook

We maintain our BUY rating on the stock. We value TechM at Rs 1170 i.e. 15x P/E on FY24E EPS.

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