The company looks to make 15,000 campus hires in 2022-23, up from 10,000 this financial year, as demand for digital technology services and attrition continue to increase
‘); $ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]); //if(resData[stkKey][‘percentchange’] > 0){ // $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); // $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); //}else if(resData[stkKey][‘percentchange’] = 0){ $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”); //$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”); $ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”); }else if(resData[stkKey][‘percentchange’] 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Tech Mahindra share price fell over 3 percent in the early trade on February 2 – a day after the company reported its December quarter earnings.
Information technology major Tech Mahindra on February 1 reported a 2.2 percent quarter-on-quarter rise in consolidated net profit at Rs 1,368.5 crore. It posted a 5.2 percent sequential rise in consolidated revenues of Rs 11,451 crore.
In the US dollar terms, Tech Mahindra’s revenues rose 4.1 percent sequentially, while in constant currency terms, the growth was 4.7 percent on-quarter.
On the operating front, the company’s performance was strong as consolidated operating profit grew 3.3 percent sequentially to Rs 2,060 crore, which was sharply above Street’s estimate of Rs 1,825 crore.
However, operating margins declined to 18 percent in the reported quarter from 18.3 percent in the previous quarter reflecting the impact of higher wages.
The company looks at 15,000 campus hires in 2022-23, up from 10,000 this financial year, as demand for digital technology services and attrition continue to increase.
The company added 3,874 people in the December quarter, taking the total headcount to 145,067. Attrition increased to 24 percent from 21 percent in the previous quarter.
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Here is what brokerages have to say about the stock and the company post December quarter earnings:
Nomura
The research firm has maintained the ‘buy’ rating on the stock with a target at Rs 2,220 per share.
The revenue growth was better than expected, while near-term supply challenges weighed on the margin, it said.
The strong revenue growth was led by CME vertical and deal wins set the stage for strong growth in FY23.
UBS
The brokerage house has kept the ‘sell’ call on the stock with a target at Rs 1,260 as the Q3 revenue was in-line and margin misses, while slower hiring is likely to cause concern.
“It is committed to deliver broad-based profitable growth and barring a sector-wide rally, we expect a negative reaction,” it said.
Morgan Stanley
Morgan Stanley has maintained the ‘overweight’ rating with a target price at Rs 2,100 on the back of in-line revenue and a slight miss on margin/EPS.
The net new deal wins strong at $ 704 million and growth is led by communication vertical.
Prabhudas Lilladher
“Our EPS estimates decrease by 3.2 percent/1.2 percent for FY22/23 led by cut in margin estimates and remain unchanged for FY24. We arrive at DCF based target price of Rs 1942 from earlier Rs 1945 (implying target multiple of 23x on FY24 EPS),” it said.
The brokerage house maintained the ‘buy’ rating on the stock.
Sharekhan
Tech Mahindra is well-positioned to participate in the 5G opportunity across telecom service providers, ecosystem and enterprises given its sharp focus on digitisation, network integration with cloud and software architecture, investments in building capabilities along with people, partnerships and IP, besides a strong client base.
The company’s investments in building capabilities in enterprise segments through organic and inorganic routes would help it in gaining market share in BFSI, hi-tech, and healthcare verticals of the enterprise segment.
“We continue to prefer TechM, given improving execution, continued growth in the BPS business, strong pace of deal intake, scope for margin improvement and higher 5G activity among telecom players,” it said.
Sharekhan maintained a ‘buy’ rating on the stock with an unchanged price target of Rs 2,060.
At 9:18am, Tech Mahindra was quoting at Rs 1,456.85, down Rs 50.20, or 3.33 percent on the BSE.
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