Revenue in dollar terms is seen rising 0.9% quarter-on-quarter to $1,624 million, while rupee revenue is estimated to grow 2.9% to ₹14,804 crore. Constant currency revenue growth is expected to remain muted at around 0.5% sequentially, reflecting normalisation of one-off gains, including a European auto deal, and seasonal weakness in the BPS segment.
Profit after tax is projected to jump 34% sequentially to ₹1,504 crore, while EBIT is expected at ₹2,035 crore. Margins are likely to improve 60 basis points to 13.7%, supported by cost optimisation under ‘Project Fortius,’ currency tailwinds from rupee depreciation, and increased offshoring.
Investor focus remains on the company’s ability to deliver its ‘FY27 Vision,’ which targets 15% EBIT margins and revenue growth above the industry average. While some brokerages see a gradual recovery, others remain cautious on execution and exposure to telecom and manufacturing verticals.
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Key monitorables include ramp-up of large deal wins, particularly in telecom, the impact of geopolitical tensions on the Comviva business, and updates on the company’s medium-term strategy and guidance framework.
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Shares of Tech Mahindra closed at ₹1,499 on Tuesday, April 21, ahead of the results announcement.
