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Tech Mahindra Ltd. reported constant currency growth of 3.9% QoQ (our estimate: 3.0%) led by traction in communications, media and entertainment and enterprise vertical at 2.9% and 4.5% sequential CC growth.
Ebit margin declined by 133 basis points to 15.2% (our estimate: 14.9%) led by control on selling, general and administrative expense (up 1.6% QoQ) and lower depreciation (down 3.9% QoQ).
Net new total contract value signings were strong at $815 million.
Trailing twelve months TCV is now at $2,735 million.
Tech Mahindra is confident to capture more 5G related opportunities both in the communications and enterprise space.
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