Tech Mahindra Reported Mixed Earnings | 3.5% CC Growth Recorded

Tech Mahindra reported a mixed earnings with a strong topline growth marred by weak margins. CC growth of 3.5% was ahead of street estimated of 2.5-3% growth. However margin decline for 230 bps takes margin to multi quarter low of 11%. Deal win momentum remains in line with quarterly average at 802 mn dollars while attrition also moderated in Q1. BFSI and Europe declined sequentially while Manufacturing, Retail led the growth.

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