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Prabhudas Lilladher Report
Tech Mahindra Ltd. reported modest revenue growth of 1.6% QoQ U.S. dollar, approximately 70 basis points below our and street estimates.
Growth was soft in both communications (up 1.4% QoQ U.S. dollar) and enterprise (up 1.8% QoQ U.S. dollar) segment.
Delay in deal closures and lower-than-expected kicker from Comviva led to revenue miss.
Net new deal win total contract value was strong this quarter at $1.04 billion up 129% QoQ and 103% YoY.
But for the full year FY21, net new TCV declined by 40% to $2.2 billion due to weak deal wins in first three quarters.
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