Tech Mahindra Q1FY19E Result Expectation

Tech Mahindra Q1FY19E Result Expectation
Consensus expectations for Q1FY19E:

• Revenue – Rs8,195cr, up 1.7% qoq, dragged by softness in telecom and seasonal weakness in Comviva business.
• EBIT – Rs1,019cr, down 8.5% qoq, due to reversal in Comviva tailwinds, wage hikes and additional visa costs.
• PAT – Rs909cr, down 25.6% qoq.

Q4FY18 performance highlights:

• Revenue –  Rs8,055cr, up by 3.6% qoq, aided by sustained performance of Technology, media & entertainment and manufacturing verticals.
• EBIT – Rs1,112cr, up 12.2%.
• EBIT Margin – 13.8%.
• PAT – Rs1,222cr, up 29.6% qoq.

Remarks:

• Key monitarable would be commentary on recovery in telecom vertical.
• Opportunities pertaining to 5G rollouts and outlook on BFSI.
• Comments on deal wins, overall growth outlook and deal pipeline.

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