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ICICI Direct Report
Tech Mahindra Ltd. reported weak numbers on the margins front.
The company reported 4.9% QoQ growth in revenues at $1,608.1 million while growth in constant currency terms was at 5.4% QoQ.
In rupee terms, revenue grew 5.8% QoQ to Rs 12,166 crore. For FY22, the company reported revenues of $5997.8 million, growth of 17.3%.
The revenue growth was aided by communication, media and entertainment vertical, which grew 4.1% QoQ, banking, financial services and insurance came back strongly after furlough impact in Q3 and grew by 18.5% QoQ while technology vertical also reported strong growth of 16.1% QoQ.
Retail, transport was laggard with decline of 6.2% QoQ.
In terms of geographies, Americas reported growth of 3.6% QoQ. Growth in Europe was stellar at 8.6% QoQ while rest of world reported 3.6% QoQ growth.
The company indicated that communication will continue to be the growth driver for Tech Mahindra, going ahead.
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