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Tech Mahindra - 1QFY2017 Result Update - Angel Broking

Posted On: 2016-08-15 20:45:20

For 1QFY2017, Tech Mahindra's revenue came in at US$1,032mn V/s US$1,027mn expected and V/s US$1,023mn in 4QFY2016, a QOQ growth of 0.9%, driven by USA (which was 49.0% of sales V/s 46.8% in 4QFY2016), while ROW, constituting ~22.8% of sales V/s 24.7% in 4QFY2016 was a drag. On the operating front, the EBIT margin came in at 12.0% V/s 12.3% expected and V/s 13.7% in 4QFY2016, QoQ dip of 161bp. Thus, the Adj. net profit came in at Rs. 750cr V/s Rs. 816cr expected and V/s Rs. 858cr in 4QFY2016, a QoQ de-growth of 12.6%. We maintain our Buy.

Result highlights: The company posted sales of ( in US$ terms ), of US$1,032mn V/s US$1,027mn expected and V/s US$1,023mn in 4QFY2016, a QoQ growth of 0.9%, driven by USA (which was 49.0% of sales V/s 46.8% in 4QFY2016), while ROW (constituting ~22.8% of sales V/s 24.7% in 4QFY2016) was a drag. In terms of industries, Manufacturing and BFSI were the key drivers of the top-line of the company. Manufacturing constituted ~18.1% of sales V/s 17.1% in 4QFY2016, while BFSI contributed ~11.3% of sales V/s 10.6% in 4QFY2016.

On the operating front, the EBIT margin came in at 12.0% V/s 12.3% expected and V/s 13.7% in 4QFY2016, QoQ dip of 161bp. Thus, the Adj. net profit came in at Rs. 750cr V/s Rs. 816cr expected and V/s Rs. 858cr in 4QFY2016, a QoQ de-growth of 12.6%.

Outlook and valuation: We expect a CAGR of 10.6% and 12.8% in USD and INR revenue respectively over FY2016-18E.The PAT is expected to grow at a CAGR of 13.2% over FY2016-18E. We maintain our Buy on the stock.

Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.492.45 as compared to the previous close of Rs. 498.7. The total number of shares traded during the day was 152173 in over 3241 trades.

The stock hit an intraday high of Rs. 503.75 and intraday low of 488.15. The net turnover during the day was Rs. 75522430.


Source: Equity Bulls

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