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Tech Mahindra: Brokerage raise bets as profit and revenues hit record high

CLSA raises earnings estimates over the next two financial years. 

Big bets coming in for Tech Mahindra as it clocks in the highest ever quarterly revenue and profits. Profit was up 25% while constant currency revenue growth was up almost 4%, the highest in over 6 quarters. 

Brokerages are betting bigger on the stock, CLSA has raised FY22/ FY23 EPS estimates by 3% each. The broking house says the risk-reward is favourable given a relatively inexpensive valuation. They retain a BUY rating and raise target price from Rs1,300 to Rs1,380. 

Tech Mahindra is currently trading at a fresh 52-week high. 

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