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Tech Mahindra Q2FY19E Result Expectation

Tech Mahindra Consensus expectations for Q2FY19E:

Revenue – Rs8,614cr, up by 4.1% qoq aided by a pick-up in telecom vertical which will offset softness in the Enterprise vertical due to HCI ramp down.

EBIT – Rs1,211cr, up by 12.5% qoq.

EBIT margin – 14.1%, expansion of ~100bps aided INR depreciation, operational efficiencies and absence of visa cost.

PAT – Rs1,014cr, up by 12.9% qoq.

Q1FY19 performance highlights:

Revenue – Rs8,276cr, up by 2.8% qoq, as Enterprise business (non-telecom) continues to drive overall growth for the company. Enterprise business USD revenue was up 1.8% qoq.

EBIT – Rs1,076cr, down 3.3%.

EBIT Margin – 13%, down 82bps qoq.

PAT – Rs898cr, down 26.5% qoq.

Things to watch:

Demand outlook for telecom vertical.

Commentary on trajectory of deal wins.

Outlook for enterprise business and margin guidance.

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