Strong IT headcount addition (6% quarter-on-quarter) in Tech Mahindra to sustain growth in revenues and new opportunities, points out Nomura in its research note
Mahindra & Mahindra (M&M) group company Tech Mahindra would find its stock performance driven by revenue growth and inexpensive valuations, says Nomura in a research note.
According to to the note, key positives in Tech Mahindra's performance, include: (a) higher than anticipated growth; (b) top 10 client traction (9 % quarter-on-quarter); (c) strong IT headcount addition (6% quarter-on-quarter); and (d) dividend of Rs20 per share.
The addition to manpower strength will help sustain revenue growth and the exploiting of new business opportunities, Nomura said.
Nomura reiterates its 'Buy' rating for the Tech Mahindra share in the stock market.
The company's annual performance and forecast are summarised in the table below:
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