MTCL’s Q1FY23 performance beat consensus estimates at both revenue and margin levels. Revenue at $399 mn was up 5.5% q-o-q in cc terms (vs. consensus expectation of 4.8% q-o-q growth) and EBIT margin at 19.2% was up 30bps (vs. consensus expectation of 18.8%). EPS at Rs 28.57 was up 37% y-o-y. Revenue performance was strong considering weakness in the retail verticalMTCL’s growth was across all verticals except for retail which recorded -8.9% q-o-q decline (in USD terms) due to two client-specific issues. The total contract value (TCV) of deal wins at $570 mn was up 13% y-o-y in Q1FY23 with …
