Share Review - Tech Mahindra

Tech Mahindra is slated to report its 3Q FY 2012 results. We expect the company
to record 0.5% qoq growth in dollar revenue to US $296.2 mn, majorly led by
volume growth. Revenue from the BT account is expected to decline by 2.3% qoq
while the non-BT business is expected to post 2.1% q o q growth.

EBITDA margin is expected to enhance by 2.09% q o q to 17.4% due to INR depreciation. PAT,
excluding earnings from Mahindra Satyam, is expected to settle at Rs.184  cr.

We maintain our Accumulate rating on the stock with a target price of Rs.666.


Review by Angel Broking
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