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Tech Mahindra Ltd.’s Q4 FY21 U.S. dollar revenue growth of 0.7% QoQ constant currency was below our already modest expectations.
Communications was flat during Q4 FY21, while the enterprise business posted modest growth (1.1% QoQ CC).
New deal wins of $1.04 billion were the highest in five quarters and split equally between communications (driven by the Telefonica deal win) and enterprise.
Ebit margin increased by 60 basis point to a multi-year high of 16.5%, unlike our expectation of a 20bp QoQ dip.
An increase in margin was led by further rationalizing of headcount (847 employee reduction) while maintaining peak utilization levels (87%).
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