Nov 09, 2013, 03.05 PM IST
Sushil Finance is bullish on Tech Mahindra and has recommended buy rating on the stock with a taget price of Rs 1932 in its November 08, 2013 research report.
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Buy Tech Mahindra; target Rs 1932: Sushil Finance
Sushil Finance is bullish on Tech Mahindra and has recommended buy rating on the stock with a taget price of Rs 1932 in its November 08, 2013 research report.
Like this story, share it with millions of investors on M3
Buy Tech Mahindra; target Rs 1932: Sushil Finance
Sushil Finance is bullish on Tech Mahindra and has recommended buy rating on the stock with a taget price of Rs 1932 in its November 08, 2013 research report.
"The Q2FY14 Results of Tech Mahindra was much better than the expectations. During Q2FY14, its USD Revenues grew 4.7 percent QoQ to USD 758 mn, led by strong 6.8 percent growth in Europe & 5.5 percent growth in BFSI vertical. The organic growth in Revenue was 4.2 percent QoQ excluding contribution of Complex IT which contributed for 3 months in Q2 vs. 2 months in Q1. In constant currency term, its USD Revenue grew 4.5 percent QoQ. Support by currency benefits, its INR Revenues grew by 16.3 percent QoQ to Rs. 47,715 mn. During the quarter, the BFSI, TME and telecom vertical grew 5.5 percent, 3.8 percent and 2.7 percent QoQ respectively. Going forward, we expect Tech Mahindra to continue its strong growth momentum in Non-BT telecom accounts along with the decent growth in other verticals such as manufacturing, BFSI, TME and Retail."
"With ~25 percent CAGR in last six year in Non-BT accounts, compensating for decline in BT account, Tech Mahindra expects its Non-BT accounts to deliver decent growth, while BT's revenue is expected to be muted in short-term due to its internal rationalization program and stabilize going forward. The synergy from merger of Mahindra Satyam has further strengthen its market positioning as its expertise in enterprise solution space along with Tech Mahindra expertise in managed services is helping it in exploring new businesses opportunities across the markets and verticals."
"In view of its strong H1FY14 performance & business outlook, we have upgraded our FY14E & FY15E Revenues & APAT estimates. We expect Tech Mahindra to deliver 23.7 percent CAGR in Revenue and 24.6 percent CAGR in APAT during FY13-15E. At CMP of Rs.1675, the stock is trading at 13.8x & 12.1x its FY14E & FY15E Earnings of Rs.121.7 & Rs.138 respectively. We have valued the stock at 14x its FY15E EPS and change our Rating to 'Accumulate' with an increased target price of Rs 1932," says Sushil Finance research report.
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