Download - Tech Mahindra 4Q FY13

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Please refer to important disclosures at the end of this report 1

(` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)Net revenue 1,907 1,791 6.5 1,419 34.4EBITDA 380 376 1.0 239 59.0

EBITDA margin (%) 19.9 21.0 (108)bp 16.8 308bp

Adj. PAT* 320 401 (20.2) 302 6Source: Company, Angel Research; Note:*exclude one-offs

For 4QFY2013, Tech Mahindra reported better than expected revenue growth butdisappointed slightly on the operational margin front. On organic basis, volumesgrew by 3% qoq and dollar revenues grew by 1.5% qoq despite sharp decline inrevenues from BT (down 7.6% qoq) which is reasonably good in our view. The

company announced five deal wins during 4QFY2013 and continues to chase5-6 large deals in the pipeline. The ramp-up on the recently won deals will lendvisibility to revenue growth and is expected to offset the decline in revenues fromBT. We maintain our Buy rating on the stock.Result highlights: For 4QFY2013, Tech Mahindra reported USD revenue ofUS$353mn, up 7.2% qoq, aided by acquisition of HGS and Comviva.Incremental revenue came largely from acquisitions of HGS and Comviva,contributing US$64mn. The EBITDA margin declined by 108bp qoq to 19.9%,majorly because of higher revenue contribution from the margin dilutive acquiredentity and sustained spends in S&M efforts. The consolidated reported PAT camein at `377cr while adjusted PAT (adjusting for exceptional item in MahindraSatyam) came in at `320cr, down 20% qoq.

Outlook and valuation: The Management indicated that the company remainsconfident of growth from the non-BT business with it continuing to see a healthydeal pipeline across geographies. Tech Mahindras managed services focus has

helped the company close a large number of deals through FY2013, which willstart ramping up from 1QFY2014 onwards and lend visibility to better growth inFY2014. We believe the increased traction in non-BT accounts and consolidationof HGS (US$170mn annual revenue run rate) and Comviva (~US$70mn annualrevenue run rate) will offset the decline in BT and will drive growth going forward.

We expect a CAGR of 11.0% and 10.5% in USD and INR revenue over FY2013-15E. PAT of Tech Mahindra and Satyam for FY2015 are expected to be at `994crand `1,342cr respectively. Taking the new share count of 23.08cr shares (postmerger of Tech Mahindra and Mahindra Satyam) into account, the consolidated

EPS comes in at `101.3. We value Tech Mahindra at 11.5x FY2015E EPS andmaintain Buy rating on the stock with a target price of `1,170.Key financials (Consolidated, Indian GAAP)Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015ENet sales 5,140 5,490 6,873 7,779 8,398% chg 11.1 6.8 25.2 13.2 8.0

Net profit 786 1,117 1,357 1,429 1,567% chg 10.9 42.1 21.5 5.3 9.6

EBITDA margin (%) 19.5 16.7 20.7 19.7 19.3

EPS (`) 49.3 84.6 96.7 107.4 117.8P/E (x) 18.5 10.7 9.4 8.5 7.7

P/BV (x) 3.5 3.0 2.2 1.8 1.5

RoE (%) 23.5 27.6 25.0 21.2 19.0

RoCE (%) 16.9 13.1 17.4 15.8 14.3

EV/Sales (x) 2.5 2.3 1.8 1.5 1.3

EV/EBITDA (x) 12.7 13.9 8.7 7.7 6.8

Source: Company, Angel Research

BUYCMP `910

Target Price `1,170

Investment Period 12 months

Stock Info

Sector

Net debt (` cr) 370

Bloomberg Code

Shareholding Pattern (%)

Promoters 47.4

MF / Banks / Indian Fls 16.0

FII / NRIs / OCBs 27.3Indian Public / Others 9.3

Abs. (%) 3m 1yr 3yr

Sensex 4.1 24.3 22.3

Tech Mahindra (12.2) 48.9 39.6

10

20,112

6,114

TEML.BO

TECHM.IN

11,863

0.5

1124/605

114,187

IT

Avg. Daily Volume

Market Cap (` cr)

Beta

52 Week High / Low

Face Value (`)

BSE Sensex

Nifty

Reuters Code

Ankita Somani+91 22 3935 7800 Ext: 6819

[email protected]

Tech MahindraPerformance Highlights

4QFY2013 Result Update | IT

May 21, 2013


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Tech Mahindra | 4QFY2013 Result Update

May 21, 2013 2

Exhibit 1:4QFY2013 performance (Consolidated, Indian GAAP)

(` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy) FY2013 FY2012 % chg (yoy)Net revenue 1,907 1,791 6.5 1,419 34.4 6,873 5,490 25.2Cost of revenue 1,212 1,125 7.8 931 30.1 4,339 3,678 17.9Gross profit 695 667 4.3 488 42.5 2,535 1,811 39.9

SG&A expense 315 290 8.6 249 26.7 1,110 892 24.5

EBITDA 380 376 1.0 239 59.0 1,424 919 55.0Dep. and amortization 59 51 17.6 38 55.3 200 161 24.0

EBIT 321 326 (1.6) 201 59.7 1,224 758 61.5

Interest 30 26 13 103 103

Other income (23) 30 (21) (75) 98

PBT 267 330 (18.9) 167 60.4 1,047 753 38.9

Income taxes 71 81 (11.9) 24 194.2 236 144 63.8

PAT 196 249 (21.1) 142 37.7 811 610 33.0

Minority interest 13 7 - 20 4

PAT after minority interest 184 242 (24.0) 142 28.9 791 606 30.6

Profit from associates 194 34 228 497 557

Exceptional item - - (68) 69 (68)

Reported PAT 377 276 36.8 370 1.9 1,288 1,163 10.7Adj. PAT 320 401 (20.2) 302 6.0 1,357 1,095 23.9Diluted EPS 28.3 20.7 36.6 24.6 15.3 96.7 84.6 14.2

Gross margin (%) 36.5 37.2 (76)bp 34.4 208bp 36.9 33.0 388bp

EBITDA margin (%) 19.9 21.0 (108)bp 16.8 308bp 20.7 16.7 398bp

EBIT margin (%) 16.8 18.2 (137)bp 14.2 266bp 17.8 13.8 401bp

PAT margin (%) 16.8 22.4 (561)bp 21.3 (451)bp 19.7 19.9 (21)bp


Exhibit 2:4QFY2013 Actual vs Angel estimates

(` cr) Actual Estimate Var. (%)Net revenue 1,907 1,845 3.4

EBITDA margin (%) 19.9 21.5 (155)bp

PAT* 320 372 (13.9)

Source: Company, Angel Research; Note: *Excludes share of profits from Mahindra Satyam

Strong revenue performance

For 4QFY2013, Tech Mahindra reported USD revenue of US$353mn, up 7.2%

qoq, aided by acquisition of HGS and Comviva. Incremental revenue came largely

from acquisitions of HGS and Comviva, contributing US$64mn compared to

US$43m last quarter, i.e. 89% of the incremental revenue this quarter. On organic

basis, USD revenues grew by 1.5% qoq led by 3.0% qoq volume growth. Revenues

from non-BT accounts grew by 13.3% qoq to US$265. Excluding contribution from

Comviva and HGS, non-BT revenues grew 5.2% qoq. Revenue from BT declined by

7.6% qoq to US$88mn and BT now contributes 25% to revenues 37% in

4QFY2012. In INR terms, the revenue came in at `1,907cr, up 6.5% qoq. Tech

Mahindra announced five key deal wins during the quarter, 3 in telecom, 1 incloud and 1 in mobile banking by Mahindra Comviva.


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May 21, 2013 3

Revenues from BT declined during the quarter to US$88m from US$96m in

3QFY2013. The company cited ongoing consolidation at the clients end for

flattish constant currency revenues during the quarter, decline coming largely from

GBP depreciation. The Management indicated the possibility of further decline inrevenues from BT accounts going forward for the next quarter because of

continued restructuring activity in BT, though the quantum of decline in BT will only

be clearer in the coming quarters.

Exhibit 3:Trend in revenue growth for non-BT accounts


Exhibit 4:Revenue trend for BT account


During the quarter, the companys revenue from telecom service providers (TSPs;

~71% contribution to revenue) grew by 11% qoq to `1,410cr, and revenue from

telecom equipment manufacturers (TEMs; ~6% contribution to revenue) declined

by 7% qoq to `101cr.

Utilization level inches up

The companys overall headcount declined by 1,591 employees, with the

companys total headcount standing at 47,498. This was because of continuous

decline in business from BT, exit from lower margin domestic BPO business along

177 180

200

234

265

(5.5)

1.5

11.3

16.7

13.3

(8)

(4)

0

4

8

12

16

20

120

140

160

180

200

220

240

260

280

4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

(

%)

(US

$mn)

Non BT qoq growth

104

101

99

96

88

3.1

(2.8)

(2.5)(3.3)

(7.6)

(10)

(8)

(6)

(4)

(2)

0

2

4

80

85

90

95

100

105

110


(%)

(US$mn)

BT qoq growth


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May 21, 2013 4

with headcount rationalization. The Management indicated that the company will

continue with its just-in-time hiring policy and will hire laterals on a need basis.

BPO headcount declined by 1,003 employees to 22,552. The headcount decline

drove the companys utilization level by ~100bp qoq to 77% in 4QFY2013.TechMahindra has been avoiding attrition backfilling since last two quarters and using

just in time hiring.

Exhibit 5:Trend in utilization rate


Operating margin decline

In 4QFY2013, the companys EBITDA margin declined by 108bp qoq to 19.9%,

owing to higher revenue contribution from the margin dilutive acquired entity and

sustained spends in S&M efforts. Tech Mahindra is avoiding attrition backfilling

and using headcount reduction to cushion its decline in margins from

consolidation of low margin acquisitions. The management continues to maintain

strong focus on productivity and using just in time hiring practices.

Exhibit 6:Margin trend


(385) (65) (544)

785

(599)

(1,627)

(184)

10,395

(2,438)(1,003)

74 74 74

76

77

72

74

76

78

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

10,000

12,000


(%)

N

etadditionno.

S/w professionals BPO professionals Utilization (%)

34.4

37.3 36.6 37.2 36.5

16.8

21.4 20.7 21.0 19.9

14.218.7 17.8

18.216.8

10

15

20

25

30

35

40


(%)

Gross profit margin EBITDA margin EBIT margin


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May 21, 2013 5

Client pyramid

The active client base of the company stood at 151. The companys top 2-5 clients

drove its growth in 4QFY2013 by registering 9.6% qoq USD revenue growth,

aided by HGS and Comviva.

Exhibit 7:Client metrics

Particulars 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13US$1mn2mn 22 18 16 19 22

US$2mn5mn 10 10 14 14 13

US$5mn10mn 13 14 15 12 13

US$10mn15mn 6 6 5 6 6

US$15mn20mn 2 1 0 0 2

US$20mn25mn 2 2 1 1 3

US$25mn50mn 3 3 3 2 2US$50mn+ 2 2 3 4 2

Active clients 130 130 126 140 130


Exhibit 8:Trend in revenue growth of top clients (qoq)


Outlook and valuation

The Management indicated that the company remains confident of growth from

the non-BT business with it continuing to see a robust deal pipeline across

geographies. As per the Management, overall IT spending in the telecom vertical is

expected to remain sluggish and it expects to see market share gains through

higher cost optimization initiatives at client levels.

The Management indicated that the proposed Tech Mahindra - Satyam merger

had been approved by the Bombay High Court, while it awaits the Andhra Pradesh

High Court approval. Management indicated that hearings at Andhra Pradesh

High Court are complete and the judgment has been reserved and expects that thejudgment will become available in the first two weeks of June.

The company announced five deal wins during 4QFY2013 and is currently chasing

5-6 large deals in traditional areas such as network outsourcing majority in Europe

3.1

(2.8) (2.5) (3.3)(7.6)

3.68.7 9.2

30.4

9.6

(12.2)(0.1)

65.5

(13.5)

(41.5)

(60)

(40)

(20)

0

20

40

60

80


(%)

BT Next 4 accounts Next 5 accounts


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May 21, 2013 6

others in America and RoW, though closure velocity remains unchanged. The

Management witnessed that the decision making cycle continues to remain

elongated and decision making continues to be slow as customers scrutinize every

aspect of expenditure. The ramp ups on the recently won deals will lend visibility torevenue growth and are expected to offset the decline in revenues from BT. The

outlook for clients within the telecom vertical is flattish CY2013 and the IT budgets

may shrink further. However, LTE/4G rollout would provide market penetration

and opportunity to increase share of wallet among clients.

Tech Mahindras managed services focus has helped the company close a large

number of deals through FY2013, which will start ramping up from 1QFY2014

onwards and lend visibility to better growth in FY2014. We believe the increased

traction in non-BT accounts and consolidation of HGS (US$170mn annual revenue

run rate) and Comviva (~US$70mn annual revenue run rate) will offset the decline

in BT and will drive growth going forward. We expect a CAGR of 11.0% and10.5% in USD and INR revenue over FY2013-15E.

The company expects ramp-ups in large deals won recently in the next couple of

quarters. Transition costs in the same are expected to impact operating margins

negatively. Also, full year revenues from Comviva in FY2014 could have an impact

on profitability. However, the company has maintained strong focus on

productivity, and weeded out some low margin BPO contracts to offset the impact.

There remains some scope for further rationalization, which could partially cushion

the decline. The PAT is expected to be supported by 1) the deep in-the-money

hedges of 250mn and US$687mn with participation rates at 89.8 INR/GBP and

56.8 INR/USD, boosting forex gains for the company; and 2) healthy Mahindra

Satyams earnings. We expect a 12.1% CAGR in PAT of Tech Mahindra over

FY2013-15E. PAT of Tech Mahindra and Satyam for FY2015 are expected to be at

`994cr and `1,342cr respectively. Taking the new share count of 23.08cr shares

(post merger of Tech Mahindra and Mahindra Satyam) into account, the

consolidated EPS comes in at `101.3. We value Tech Mahindra at 11.5x FY2015EEPS of `101.3 and maintain Buy rating on the stock with a target price of `1,170.Exhibit 9:Key assumptions

FY2014E FY2015ERevenue growth (US$) 14.0 8.0

USD-INR rate (realized) 54.0 54.0Revenue growth (`) 13.2 8.0

EBITDA margin (%) 19.7 19.3

Tax rate (%) 28.0 28.0

EPS growth (%) 11.1 9.6



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Exhibit 10:Change in estimates

FY2014 FY2015Parameter Earlier Revised Variation Earlier Revised Variation(` cr) estimates estimates (%) estimates estimates (%)Net revenue 7,699 7,779 1.0 8,315 8,398 1.0

EBITDA 1,488 1,534 3.1 1,501 1,622 8.0

PBT 1,214 1,307 7.6 1,268 1,436 13.3

Tax 322 366 13.7 336 402 19.7

PAT 1,424 1,429 0.4 1,529 1,567 2.5


Exhibit 11:One-year forward PE (x)

Source: Company, Angel Research. Note: P/E includes share of profits from Mahindra Satyam

2QFY2011 onwards.

Exhibit 12:Recommendation summary

Company Reco CMP Tgt Price Upside FY2015E FY2015E FY2012-15E FY2015E FY2015E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (x) RoE (%)

HCL Tech Buy 736 863 17.2 20.7 11.9 19.6 1.4 21.5

Hexaware Buy 78 96 24.3 18.8 6.8 8.3 0.8 21.7

Infosys Neutral 2,397 2,465 2.8 27.7 13.1 7.9 2.2 19.3

Infotech Enterprises Accumulate 166 185 11.2 17.7 7.6 14.7 0.4 13.7

KPIT Cummins Buy 110 135 23.0 15.5 7.8 20.3 0.6 16.6

Mahindra Satyam Buy 108 126 16.6 20.1 9.5 0.9 0.9 20.0

MindTree Accumulate 817 920 12.6 19.2 8.8 19.8 0.8 18.9

Mphasis Neutrak 454 - - 17.4 10.9 3.3 0.9 13.6

NIIT^ Buy 22 30 34.8 9.1 4.1 (7.1) 0.0 11.9

Persistent Buy 509 593 16.5 25.0 8.6 18.7 0.8 16.5

TCS Accumulate 1,493 1,585 6.2 27.9 17.0 17.4 3.3 27.9

Tech Mahindra* Buy 910 1,170 28.6 19.3 7.7 11.6 1.3 19.0Wipro Accumulate 339 385 13.6 20.6 11.9 7.9 1.3 18.4

Source: Company, Angel Research. Note: ^Valued on SOTP basis,* EPS CAGR includes earnings from Mahindra Satyam

100

400

700

1,000

1,300

1,600

1,900

2,200

2,500

Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Sep-12 May-13

(`)

Price 23 18 13 8 4


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May 21, 2013 8

Company Background

Tech Mahindra was founded in 1986 as a joint venture between Mahindra Group

and British Telecom (BT). Later on, it started servicing other external clients as well

(solely in the telecom industry), though it still derives ~25% of its revenue from BT.

In June 2009, Tech Mahindra acquired a 42.7% stake in erstwhile Satyam

Computers (now Mahindra Satyam).

Profit and loss statement (Consolidated, Indian GAAP)

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015ENet sales 5,140 5,490 6,873 7,779 8,398Cost of revenues 3,403 3,678 4,339 5,000 5,432

Gross profit 1,737 1,811 2,535 2,778 2,966

% of net sales 33.8 33.0 36.9 35.7 35.3

SG&A expenses 734 892 1,110 1,245 1,344% of net sales 14.3 16.3 16.2 16.0 16.0

EBITDA 1,003 919 1,424 1,534 1,622% of net sales 19.5 16.7 20.7 19.7 19.3

Dep. and amortization 144 161 200 233 252

% of net sales 2.8 2.9 2.9 3.0 3.0

EBIT 860 758 1,224 1,300 1,370

% of net sales 16.7 13.8 17.8 16.7 16.3

Interest expense 100 103 103 84 48

Other income, net of forex 117 98 (75) 91 115

Profit before tax 877 753 1,047 1,307 1,436

Provision for tax 132 144 236 366 402

% of PBT 15.0 19.1 22.5 28.0 28.0

Recurring PAT 746 610 811 941 1,034

Share from associates 44 557 497 528 573

Exceptional item (143) (68) 69 - -

Minority interest 4 4 20 40 40

Reported PAT 643 1,095 1,288 1,429 1,567Adjusted PAT 786 1,117 1,357 1,429 1,567Fully diluted EPS (`) 49.3 84.6 96.7 107.4 117.8


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May 21, 2013 9

Balance sheet (Consolidated, Indian GAAP)

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015EEquity capital 126 128 128 128 128

Preference capital - - - - -Share premium 260 270 270 270 270

Profit and loss 2,198 2,998 4,372 5,701 7,186

Other reserves 768 655 655 655 655

Net worth 3,351 4,051 5,426 6,754 8,239Secured loans 640 600 300 300 300

Unsecured loans 543 527 780 636 486

Total debt 1,183 1,127 1,080 936 786

Other long term liability 392 430 226 256 286

Long-term provisions 146 189 206 206 206

Minority interest 16 - 109 69 59

Total capital employed 5,088 5,796 7,047 8,221 9,576Gross block 1,287 1,514 1,970 2,270 2,570

Accumulated depreciation (670) (832) (1,032) (1,265) (1,517)

Net block 617 683 938 1,005 1,053

Capital WIP 61 167 341 341 341

Total fixed assets 678 850 1,279 1,346 1,394Investments 2,870 3,427 4,099 4,599 5,099

Deferred tax asset, net 64 100 151 151 151

Long term loans and adv. 415 338 539 539 539

Inventories 1 0 11 11 11

Sundry debtors 1,036 1,317 1,704 1,705 1,841

Cash and cash equivalents 267 242 536 948 1,582

Loans and advances 726 645 666 778 840

Sundry creditors (247) (365) (640) (565) (613)

Other liabilities (558) (608) (992) (951) (900)

Provision (162) (151) (317) (350) (378)

Working capital 1,061 1,081 968 1,576 2,383

Total capital deployed 5,088 5,796 7,047 8,221 9,576


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May 21, 2013 10

Cash flow statement (Consolidated, Indian GAAP)

Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E FY2015EPre tax profit from operations 760 655 1,121 1,216 1,322

Depreciation 144 161 200 233 252Expenses (deferred)/written off/others (99) 557 497 528 573

Pre tax cash from operations 804 1,374 1,818 1,978 2,147

Other income/prior period ad 114 95 (94) 51 105

Net cash from operations 918 1,468 1,724 2,028 2,251

Tax (132) (144) (236) (366) (402)

Cash profits 786 1,324 1,488 1,662 1,849

(Inc)/dec in

Sundry debtors 6 (281) (386) (1) (136)

Inventories 1 0 (11) - -

Loans and advances (53) 81 (21) (112) (62)

Sundry creditors (214) 118 275 (75) 48

Others 315 38 550 (8) (23)

Net trade working capital 55 (44) 407 (196) (173)

Cashflow from operating activities 841 1,280 1,895 1,467 1,676(Inc)/dec in fixed assets 104 (333) (630) (300) (300)

(Inc)/dec in investments 145 (557) (672) (500) (500)

(Inc)/dec in other non current assets (305) 83 (245) - -

Cashflow from investing activities (57) (807) (1,546) (800) (800)Inc/(dec) in debt (952) (56) (46) (144) (150)

Inc/(dec) in deferred revenue 392 38 (204) 30 30

Inc/(dec) in equity/premium 27 12 1 - -

Inc/(dec) in minority interest 2 (16) 109 (40) (10)

Addition to reserves on amalgamation (144) (394) 177 - -

Dividends (61) (82) (90) (100) (112)

Cashflow from financing activities (736) (498) (55) (255) (242)Cash generated/(utilized) 48 (25) 294 412 634

Cash at start of the year 219 267 242 536 948

Cash at end of the year 267 242 536 948 1582


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May 21, 2013 11

Key Ratios (Consolidated, Indian GAAP)

Y/E March FY2011 FY2012E FY2013E FY2014E FY2015EValuation ratio (x)P/E (on FDEPS) 18.5 10.7 9.4 8.5 7.7P/CEPS 15.1 9.5 8.1 7.3 6.7

P/BVPS 3.5 3.0 2.2 1.8 1.5

Dividend yield (%) 0.4 0.4 0.4 0.4 0.5

EV/Sales 2.5 2.3 1.8 1.5 1.3

EV/EBITDA 12.7 13.9 8.7 7.7 6.8

EV/Total assets 18.9 15.0 9.7 8.8 7.9

Per share data (`)EPS 49.3 84.6 96.7 107.4 117.8

Cash EPS 60.3 95.3 111.8 125.0 136.7

Dividend 4.0 4.0 4.0 4.0 5.0

Book value 257 307 408 508 619

Dupont analysisTax retention ratio (PAT/PBT) 0.9 1.5 1.2 1.1 1.1

Cost of debt (PBT/EBIT) 1.0 1.0 0.9 1.0 1.0

EBIT margin (EBIT/Sales) 0.2 0.1 0.2 0.2 0.2

Asset turnover ratio (Sales/Assets) 7.6 6.5 5.4 5.8 6.0

Leverage ratio (Assets/Equity) 0.2 0.2 0.2 0.2 0.2

Operating ROE (%) 22.3 27.0 23.7 21.2 19.0

Return ratios (%)RoCE (pre-tax) 16.9 13.1 17.4 15.8 14.3

Angel RoIC 18.1 14.1 19.8 18.8 17.9

RoE 23.5 27.6 25.0 21.2 19.0

Turnover ratios( x)Asset turnover (fixed assets) 7.6 6.5 5.4 5.8 6.0

Receivables days 74 78 80 80 80


12/12


May 21 2013 12

Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com

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Disclosure of Interest Statement Tech Mahindra

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

Download - Tech Mahindra 4Q FY13

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