Tech Mahindra, 1Q FY 2014

1QFY2014 Result Update | IT
August 19, 2013
Tech Mahindra
Performance Highlights
(` cr) Net revenue EBITDA EBITDA margin (%) Adj. PAT* 1QFY14 4,103 865 21.1 686 4QFY13 3,767 771 20.5 504 % chg (qoq) 8.9 12.1 60bp 36.3 1QFY13 3,373 739 21.9 540 % chg (yoy) 21.7 17.0 (85)bp 27
ACCUMULATE
CMP Target Price
Investment Period
Stock Info Sector Market Cap (` cr) Net debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code IT 30,014 (2,908) 0.5 1347/775 133,568 10 18,308 5,415 TEML.BO TECHM.IN
`1,294 `1,470
12 months
Source: Company, Angel Research; Note:*exclude one-offs
For 1QFY2014, Tech Mahindra reported an inline operational performance while net profit came in better than expected due to higher other income. On an organic basis, revenues grew 2.5% qoq despite a sharp decline of ~4% in revenues from British Telecom (BT), which is reasonably good in our view. During the quarter, Tech Mahindra won three large deals in the ERP space, with TCV of ~US$50-60mn each, and continues to chase four large deals in the pipeline. The ramp-up on the recently won deals will lend visibility to revenue growth and is expected to offset the decline in revenues from BT. We maintain our Accumulate rating on the stock. Result highlights: For 1QFY2014, Tech Mahindra reported a revenue of US$724mn. During the quarter, Tech Mahindra won three large deals in the ERP space, with TCV of ~US$50-60mn each. The EBITDA margin came in at 21.1%, up ~60bp qoq and ahead of our expectations of 20.9%. Margins were aided by a favorable currency impact (130bp qoq), which although was partially offset by an 80bp negative impact from higher expenses (especially visa related). The consolidated PAT came in at `686cr, up 36% qoq, aided by other income of `207cr as against `38cr in 4QFY2013. Outlook and valuation: The Management indicated that the company remains confident of growth from the non-BT business with it continuing to see a robust deal pipeline across geographies. The revamped sales team post consolidation of Satyam and increased focus on sales efforts have started yielding results for the company. It signed three large deals in 1QFY2014, each having TCV of ~US$5075mn and is pursing another four. Tech Mahindras top five clients (excluding BT) also grew faster than the company (~8% sequential growth), indicating benefits from client mining. Tech Mahindra remains confident of improving revenue growth, citing healthy deal pipeline along with pick up in discretionary spending primarily in the US. Further given the significant currency tailwinds akin to peers, Tech Mahindra remains confident of maintaining margins at current levels. We expect a CAGR of 10.8% and 14.9% in USD and INR revenue respectively over FY2013-15E. We value Tech Mahindra at 13.5x FY2015E EPS of `109 and maintain our Accumulate rating on the stock with a target price of `1,470.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 47.2 15.8 26.8 10.2
Abs. (%) Sensex Tech Mahindra
3m (9.8)
1yr 3.5
3yr (0.8) 80.9
39.4 52.6
Key financials (Consolidated, Indian GAAP)

Y/E March (` cr) Net sales % chg Net profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) FY2011 5,140 11.1 786 10.9 19.5 49.3 26.3 5.0 23.5 16.9 3.5 17.7 FY2012 11,702 127.7 1,806 129.8 16.7 78.0 16.6 3.5 37.5 20.1 1.3 7.5 FY2013 14,332 22.5 2,115 17.1 21.4 82.6 15.7 4.5 30.9 27.6 1.0 4.6 FY2014E 17,230 20.2 2,582 22.0 21.8 108.8 11.9 3.3 27.9 27.2 0.7 3.2 FY2015E 18,921 9.8 2,588 0.2 20.3 109.0 11.9 2.6 22.1 23.0 0.5 2.5
Ankita Somani
+91 22 3935 7800 Ext: 6819 ankita.somani@angelbroking.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report
Tech Mahindra | 1QFY2014 Result Update
Exhibit 1: 1QFY2014 performance (Consolidated, Indian GAAP)

(` cr) Net revenue Cost of revenue Gross profit SG&A expense EBITDA Dep. and amortization EBIT Interest Other income PBT Income taxes PAT Minority interest PAT after minority interest Profit from associates Exceptional item Reported PAT Adj. PAT Diluted EPS Gross margin (%) EBITDA margin (%) EBIT margin (%) PAT margin (%)
1QFY14 4,103 2,569 1,534 669 865 117 747 22 207 932 233 699 13 686 686 686 29.0 37.4 21.1 18.2 16.7
4QFY13 3,767 2,397 1,371 599 771 121 651 25 38 663 146 517 14 504 134 638 504 26.9 36.4 20.5 17.3 13.4
% chg (qoq) 8.9 7.2 11.9 11.7 12.1 (2.7) 14.8
1QFY14 3,373 2,101 1,272 533 739 92 648 25 113
% chg (yoy) 21.7 22.3 20.6 25.6 17.0 28.3 15.3
FY2013 14,332 9,001 5,331 2,268 3,063 390 2,674 92 212
FY2012 11,702 7,541 4,162 2,210 1,952 319 1,633 107 501 2,027 229 1,798 (8) 1,806 37 1,843 1,806 78.0 35.6 16.7 14.0 15.4
% chg (yoy) 22.5 19.4 28.1 2.6 56.9 22.1 63.7
40.5 59.3 35.2 36.3
736 191 544 4 540 -
26.7 21.8 28.5 27.0
2,793 648 2,146 30 2,115 160
37.8 183.0 19.3 17.1
7.6 36.3 8.0 100bp 60bp 94bp 336bp
540 540 22.9 37.7 21.9 19.2 16.0
27.0 27.0 26.7 (33)bp (85)bp (100)bp 70bp
1,955 2,115 82.6 37.2 21.4 18.7 14.8
6.1 17.1 5.8 163bp 469bp 470bp (68)bp
Exhibit 2: 1QFY2014 Actual vs Angel estimates

(` cr) Net revenue EBITDA margin (%) PAT*
Actual 4,103 21.1 686
Estimate 4,109 20.9 542
Var. (%) (0.1) 17bp 26.6
Inline performance
For 1QFY2014, Tech Mahindra reported USD revenue of US$724mn, up 3.7% qoq, aided by acquisition of Complex IT. Excluding the impact of Complex IT consolidation, the revenue growth stood at 2.5% sequentially. In INR terms, the company reported revenues of `4,103cr, up 8.9% qoq; this was the first quarter post merger of Tech Mahindra with Mahindra Satyam. The growth was healthy, despite the 4.3% qoq decline in revenue from its top client - BT to US$87mn and lower revenue from Comviva (~20% sequential fall) due to seasonality. BT revenues are expected to remain flattish in the near term. The revenue from nonBT accounts grew by 4.9% qoq to US$637mn. BT (post merger) now contributes 12% to revenues as against 17% in 1QFY2013. Tech Mahindra announced four key deal wins with three of them in the range of US$50-75mn each.
August 19, 2013
Exhibit 3: Trend in revenue growth (qoq)

750 4.7 700
(US $mn)
5 4.7 698 724 4 3.7 3

(%)
650 644 600 550 500 2QFY13
675 3.5
1 3QFY13 Revenue (US$ mn) 4QFY13 qoq growth 1QFY14
Industry wise, the revenue growth was across all the industry verticals except for banking, financial services and insurance (BSFI). The companys anchor industry vertical, telecom, posted a 3.7% qoq growth in revenue. Industry verticals such as manufacturing, technology, media & entertainment (TME) and retail, transport & logistics (RTL) also reported 3.5%+ sequential revenue growth. Though growth in BFSI was soft, large deal signings in the vertical during the quarter should help growth in the subsequent quarters. In tandem with its peers, the company is also seeing some improvement in discretionary spending and a better deal pipeline. Going forward, it expects growth to be driven by all verticals, with telecom (excluding BT) also contributing to the growth.
Exhibit 4: Growth in industry segments

Particulars Telecom Manufacturing TME BFSI RTL Others
% to revenue 48% 19% 12% 9% 6% 6%
% growth (qoq) 3.7 3.7 3.7 (6.7) 3.7 24.5
% growth (yoy) 28.4 17.7 8.6 (3.7) 17.7 0.9
Geography wise, growth was led by America, the revenue from which grew by 11.1% qoq. Revenue from Europe was soft with just 0.6% qoq growth. The Management indicated that the deal pipeline remains healthy from emerging geographies, where MNCs are trying to expand their footprints.
Exhibit 5: Growth trend in geographies

Particulars Americas Europe RoW
% to revenue 45% 32% 22%
% growth (qoq) 11.1 0.6 (8.7)
% growth (yoy) 15.1 14.1 23.3
August 19, 2013
Hiring and client metrics

The companys overall headcount declined by 46 employees to 83,063. This was because of headcount rationalization in lower margin domestic BPO business. BPO headcount declined by 1,430 employees with headcount standing at 23,269, while the company witnessed an addition of 1,211 software professionals with headcount standing at 53,337. The Management indicated that the company will continue with its just-in-time hiring policy and will hire laterals on a need basis.
Exhibit 6: Employee metrics

Particulars Software professionals BPO professionals Sales & support Total employees 1QFY13 52,416 18,229 5,647 76,292 2QFY13 52,375 28,611 5,920 86,906 3QFY13 53,072 26,379 6,195 85,646 4QFY13 52,126 24,699 6,284 83,109 1QFY14 53,337 23,269 6,457 83,063
Attriiton (%)
17%
16%
16%
16%
15%
Exhibit 7: Trend in utilization rate

78 77 76 76 75 74 77 76
(%)
75 74 73 72
1QFY13
2QFY13
3QFY13 Utilization (%)
4QFY13
1QFY14
The companys client metrics saw some qualitative movement with clients getting added in almost all the US$1mn+ revenue brackets. The company witnessed addition of one client in US$50mn+ revenue bracket and three clients in US$10-20mn revenue bracket. Overall, the company added 10 clients in US$1mn+ revenue brackets. The total active client base of the company stood at 567 as against 516 in 4QFY2013. The companys growth was driven by non top 10 clients, the revenue from which grew by 5.8% qoq. Revenue from the top 5/10 clients grew by 3.7%/1.6% qoq.
August 19, 2013
Exhibit 8: Client metrics

Particulars Total active clients US$1mn5mn US$5mn10mn US$10mn20mn US$20mn50mn US$50mn+
1QFY13 484 115 34 18 14 7
2QFY13 475 126 31 22 12 9
3QFY13 475 129 29 26 13 9
4QFY13 516 135 28 18 15 9
1QFY14 567 141 28 21 15 10
Operating margin improves

In 1QFY2014, the companys EBITDA margin expanded by 60bp qoq in 1QFY2014, despite the 80bp negative impact due to higher visa and other costs. The increase in margins was on account of ~5% INR depreciation during the quarter. We expect the margins to expand further in 2QFY2014 as the full impact of rupees depreciation is likely to be felt in the next quarter. The company has also indicated that it may give salary hikes to its employees in 4QFY2014 instead of 2QFY2014 as it realigns the salary structure of the two merged entities.
Exhibit 9: Margin trend

40 35 30 25 20 15 10 1QFY13 2QFY13 Gross margin
37.7
36.8
38.0
36.4
37.4
21.9
21.5
21.7
20.5
21.1
19.2
18.9
19.3
17.3 4QFY13 EBIT margin
18.2
3QFY13 EBITDA margin
1QFY14
Outlook and valuation

The Management indicated that the company remains confident of growth from the non-BT business with it continuing to see a robust deal pipeline across geographies. As per the Management, overall IT spending in the telecom vertical is expected to remain sluggish and it expects to see market share gains through higher cost optimization initiatives at client levels. The revamped sales team post consolidation of Satyam and increased focus on sales efforts have started yielding results for the company. It signed three large deals in 1QFY2014, each having TCV of ~US$50-75mn and is pursing another four. Tech Mahindras top five clients (excluding BT) also grew faster than the company (~8% sequential growth), indicating benefits from client mining.
August 19, 2013
Tech Mahindra remains confident of improving revenue growth citing healthy deal pipeline along with pick up in discretionary spending primarily in the US. The Management sounded confident of demand from BFSI (despite sluggishness in 1QFY2014, seeing spending in areas of regulatory compliance), healthcare (healthy demand across payers and providers) and manufacturing. Further given significant currency tailwinds akin to peers, Tech Mahindra remains confident of maintaining margins at current levels. We expect a CAGR of 10.8% and 14.9% in USD and INR revenue respectively over FY2013-15E. The company expects ramp-ups in large deals won recently in the next couple of quarters. Transition costs in the same are expected to impact operating margins negatively. However, the company has maintained strong focus on productivity, and weeded out some low margin BPO contracts to offset the impact. Also, the company deferred its wage hike to 4QFY2014 instead of 2QFY2014 as it realigns the salary structure of the two merged entities. This will support operating margins of the company further. We expect EBITDA margin to be at 21.8% and 20.3% in FY2014 and FY2015, respectively from 21.4% in FY2013. PAT is expected to grow at a CAGR of 10.6% over FY2014-15. We value Tech Mahindra at 13.5x FY2015E EPS of `109 and maintain Accumulate rating on the stock with a target price of `1,470. Tech Mahindra also proposed to increase the FII limit from current 35% to 45% of paid-in capital, which may make it eligible for inclusion in MSCI Global Standard Index, following Satyams removal in July.
Exhibit 10: Key assumptions

FY2014E Revenue growth (US$) USD-INR rate (realized) Revenue growth (`) EBITDA margin (%) Tax rate (%) EPS growth (%)
FY2015E 9.7 58.5 9.8 20.3 25.0 0.2
12.0 58.4 20.2 21.8 25.0 31.8
August 19, 2013
Exhibit 11: One-year forward PE (x)

1,900 1,600 1,300 1,000 700 400 100 Jan-08
(` )
Sep-08 May-09 Price 16
Jan-10
Sep-10 May-11 13 10
Jan-12
Sep-12 May-13 7 4
Source: Company, Angel Research. Note: P/E includes profits of Mahindra Satyam from FY2012
Exhibit 12: Recommendation summary

Company HCL Tech Hexaware Infosys Infotech Enterprises KPIT Cummins MindTree Mphasis NIIT Persistent TCS Tech Mahindra Wipro Reco Accumulate Neutral Neutral Accumulate Accumulate Accumulate Neutral Neutral Neutral Buy Accumulate Neutral CMP (`) 929 124 3,005 175 133 984 382 18 560 1,778 1,294 456 Tgt Price (`) 1012 190 145 1050 2,060 1,470 Upside (%) 9.0 8.6 8.9 6.7 15.9 13.6 FY2015E EBITDA (%) 21.5 20.5 26.4 17.6 16.7 19.9 18.2 9.1 22.5 30.0 20.3 21.6 FY2015E P/E (x) 13.3 9.6 15.9 7.8 8.7 9.3 8.8 3.3 9.9 17.2 11.9 14.6 FY2012-15E EPS CAGR (%) 24.7 13.1 9.2 15.7 23.9 25.1 4.9 (7.1) 17.0 23.8 11.8 11.2 FY2015E EV/Sales (x) 1.6 1.3 2.6 0.5 0.6 0.9 0.6 (0.0) 0.8 3.5 0.5 1.9 FY2015E RoE (%) 23.0 23.5 19.3 14.0 18.4 20.3 14.2 11.9 16.1 29.2 22.1 19.4
Source: Company, Angel Research.
August 19, 2013
Company Background
Tech Mahindra was founded in 1986 as a joint venture between Mahindra Group and British Telecom (BT). Later on, it started servicing other external clients as well (solely in the telecom industry), though it still derives ~13% of its revenue from BT. In June 2009, Tech Mahindra acquired a 42.7% stake in erstwhile Satyam Computers (now Mahindra Satyam).
Profit and loss statement (Consolidated, Indian GAAP)

Y/E March (` cr) Net sales Cost of revenues Gross profit % of net sales SG&A expenses % of net sales EBITDA % of net sales Dep. and amortization % of net sales EBIT % of net sales Interest expense Other income, net of forex Profit before tax Provision for tax % of PBT Recurring PAT Share from associates Exceptional item Minority interest Reported PAT Adjusted PAT Fully diluted EPS (`) FY2011 5,140 3,403 1,737 33.8 734 14.3 1,003 19.5 144 2.8 860 16.7 100 117 877 132 15.0 746 44 (143) 4 643 786 49.3 FY2012 11,702 7,541 4,162 35.6 2,210 18.9 1,952 16.7 319 2.7 1,633 14.0 107 501 2,027 229 11.3 1,798 37 (8) 1,843 1,806 78.0 FY2013 14,332 9,001 5,331 37.2 2,268 15.8 3,063 21.4 390 2.7 2,674 18.7 92 212 2,793 648 23.2 2,146 160 30 1,955 2,115 82.6 FY2014E 17,230 10,686 6,544 38.0 2,796 16.2 3,748 21.8 507 2.9 3,241 18.8 80 350 3,511 878 25.0 2,634 52 2,582 2,582 108.8 FY2015E 18,921 12,070 6,851 36.2 3,018 15.9 3,833 20.3 549 2.9 3,285 17.4 49 285 3,520 880 25.0 2,640 52 2,588 2,588 109.0
August 19, 2013
Balance sheet (Consolidated, Indian GAAP)

Y/E March (` cr) Equity capital Preference capital Share premium Profit and loss Other reserves Net worth Secured loans Unsecured loans Total debt Other long term liability Long-term provisions Minority interest Amount pending investigation Total capital employed Gross block Accumulated dep. Net block Capital WIP Total fixed assets Investments Long term loans and adv. Interest in TML benefit trust Deferred tax asset, net Other non-current assets Inventories Sundry debtors Cash and cash equv. Loans and advances Current investments Unbilled revenue Sundry creditors Other liabilities Provision Working capital Total capital deployed FY2011 126 260 2,198 768 3,351 640 543 1,183 392 146 16 5,088 1,287 (670) 617 61 678 2,870 415 64 1 1,036 267 726 (247) (558) (162) 1,061 5,088 FY2012 231 4,585 4,816 623 527 1,150 432 482 15 1,230 8,124 2,478 (989) 1,488 368 1,856 35 515 1,207 268 (94) 15 2,722 3,096 1,058 223 654 (691) (1,573) (1,164) 4,338 8,124 FY2013 232 6,621 1 6,854 322 531 853 224 393 134 1,230 9,689 3,611 (1,379) 2,232 260 2,491 36 743 1,207 348 120 11 3,369 3,463 1,293 175 556 (858) (2,037) (1,227) 4,744 9,689 FY2014E 232 9,022 1 9,254 122 531 653 254 393 134 1,230 11,919 3,911 (1,886) 2,025 260 2,284 36 893 1,207 448 191 11 3,682 5,356 1,551 175 606 (960) (2,078) (1,482) 6,860 11,919 FY2015E 232 11,465 1 11,697 531 531 284 393 134 1,230 14,270 4,211 (2,435) 1,776 260 2,036 36 1,043 1,207 548 100 11 4,043 7,534 1,703 175 656 (1,075) (2,118) (1,627) 9,301 14,270
August 19, 2013
Cash flow statement (Consolidated, Indian GAAP)

Y/E March (` cr) Pre tax profit from operations Depreciation Expenses (deferred)/written off/others Pre tax cash from operations Other income/prior period ad Net cash from operations Tax Cash profits (Inc)/dec in Sundry debtors Inventories Loans and advances Sundry creditors Others Net trade working capital Cashflow from operating activities (Inc)/dec in fixed assets (Inc)/dec in investments (Inc)/dec in other non-current assets Cashflow from investing activities Inc/(dec) in debt Inc/(dec) in deferred revenue Inc/(dec) in equity/premium Inc/(dec) in minority interest Addition to reserves on amalgamation Dividends Cashflow from financing activities Cash generated/(utilized) Cash at start of the year Cash at end of the year 6 (1,685) 1 (53) (214) 315 55 841 145 (305) (57) (952) 392 27 2 (144) (61) (736) 48 219 267 (14) (332) 443 1,141 (447) 1,678 2,835 149 1,487 (33) 40 (155) (1) (60) (127) (336) 2,830 267 3,096 (647) 4 (235) 167 673 (39) 2,466 (1,025) (1) (611) (1,636) (297) (207) 1 119 70 (149) (463) 367 3,096 3,463 (313) (258) 103 245 (223) 2,865 (300) (321) (621) (200) 30 (181) (351) 1,893 3,463 5,356 (361) (152) 114 136 (263) 2,913 (300) (159) (459) (122) 30 (184) (276) 2,178 5,356 7,534 FY2011 FY2012 760 144 (99) 804 114 918 (132) 786 1,526 319 1,845 510 2,354 (229) 2,125 FY2013 FY2014E FY2015E 2,581 390 2,971 182 3,153 (648) 2,505 3,161 507 3,668 298 3,966 (878) 3,089 3,235 549 3,784 272 4,056 (880) 3,176
104 (1,497)
August 19, 2013
10
Key Ratios
Y/E March Valuation ratio (x) P/E (on FDEPS) P/CEPS P/BVPS Dividend yield (%) EV/Sales EV/EBITDA EV/Total assets Per share data (`) EPS Cash EPS Dividend Book value Dupont analysis Tax retention ratio (PAT/PBT) Cost of debt (PBT/EBIT) EBIT margin (EBIT/Sales) Asset turnover ratio (Sales/Assets) Leverage ratio (Assets/Equity) Operating ROE (%) Return ratios (%) RoCE (pre-tax) Angel RoIC RoE Turnover ratios( x) Asset turnover (fixed assets) Receivables days 7.6 74 6.3 59 5.8 78 7.5 78 9.0 78 16.9 18.1 23.5 20.1 36.8 37.5 27.6 46.2 30.9 27.2 52.9 27.9 23.0 52.1 22.1 0.9 1.0 0.2 7.6 0.2 22.3 0.9 1.2 0.1 6.3 0.4 38.3 0.7 1.0 0.2 5.8 0.4 28.5 0.7 1.1 0.2 7.5 0.2 27.9 0.7 1.1 0.2 9.3 0.2 22.1 49.3 60.3 4.0 257.0 78.0 164.0 4.0 365.2 82.6 98.8 5.0 288.7 108.8 130.1 5.0 389.8 109.0 132.1 5.0 492.7 26.3 21.5 5.0 0.3 3.5 17.7 26.2 16.6 7.9 3.5 0.3 1.3 7.5 7.9 15.7 13.1 4.5 0.4 1.0 4.6 5.7 11.9 9.9 3.3 0.4 0.7 3.2 5.2 11.9 9.8 2.6 0.4 0.5 2.5 4.8 FY2011 FY2012 FY2013 FY2014E FY2015E
August 19, 2013
11

Research Team Tel: 022 - 3935 7800 E-mail: research@angelbroking.com Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Tech Mahindra No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
August 19, 2013
12

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1QFY2014 Result Update | IT

August 19, 2013

Source: Company, Angel Research; Note:*exclude one-offs

Abs. (%) Sensex Tech Mahindra

3yr (0.8) 80.9

Key financials (Consolidated, Indian GAAP)

Source: Company, Angel Research

Please refer to important disclosures at the end of this report