KOTAK SECURITIES ON TECH MAHINDRA ; BUY | TP ₹1,870 | EARLIER TP ₹1,750

• All-round performance increases conviction on the next leg of growth. • Another quarter of healthy growth and margin expansion. • Kotak expects strong growth momentum to sustain and raises growth estimates. • Significant opportunities remain for further margin improvement over the medium term.

TECH MAHINDRA LIMITED

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