Tech Mahindra an outperformer: ICICIdirect.com
ICICIdirect.com has rated Tech Mahindra as an outperformer with a target of Rs 345 in its January 18, 2009 research report. “Tech Mahindra reported disappointing results for Q3FY09. It felt the impact of currency movement as well as declining spend by clients (revenues from both BT and non-BT clients declined QoQ). Revenues declined 2.8% QoQ to Rs 1132 crore.
The company maintained its EBITDA margin due to certain cost management initiatives undertaken by the company. However, net profit declined 26.3% QoQ to Rs 223 crore (Q2FY09 included a tax write-back excluding which net profits declined 5.4% QoQ). We rate the stock as OUTPERFORMER with a price target of Rs 345,” says ICICIdirect.com’s research report.
source: Moneycontrol
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