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Motilal Oswal’s research report on Tech Mahindra

We attended TechM’s Investor Day 2023; the key focus of the meet was upcoming leadership transition and operational profitability. Management commentary was encouraging, with stable spending environment and deal flow in both communication and enterprise businesses. TechM continues to focus on improving its profitability and expects FY24 margins to improve, led by lower subcon expenses, improving offshore, and divestment of non-accretive businesses. With the upcoming change in leadership, due to the retirement of Mr. Gurnani (CEO), long-term strategic direction will continue to remain in focus.


Near-term growth remains weak and we await greater comfort on margins. We value the stock at 15x FY24E EPS. We maintain our Neutral rating.

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Tech Mahindra - 06 -03 - 2023 - moti

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