TECHM

Tech Mahindra (TECHM) reported 4QFY25 revenue of USD1.5b, down 1.5% QoQ in constant currency (CC) vs. our estimate of 0.8% cc decline. BFSI/Communications grew 2.4%/1.0% QoQ, while Healthcare/Hi-tech and Media declined 5.6%/8.2% QoQ. EBIT margin was up 40bp QoQ at 10.5%, beating our estimate of 10.3%. PAT stood at INR11.6b (up 18.7% QoQ/20.3% YoY), above our estimate of INR10b. For FY25, revenue/EBIT/PAT grew 4.0%/48.5%/20.3% YoY in INR terms. In 1QFY26, we expect revenue/EBIT/PAT to grow by 3.0%/30.0%/37.2% YoY. Net new deal TCV was USD798m, up 7.1% QoQ/59.6% YoY.