Tech Mahindra delivered a weak performance on both revenue and margin fronts. Revenue stood at USD 1,131mn ( 1.4% QoQ, 0.9% CC), below our estimate of USD 1,136mn. Growth was led by continued traction in Enterprise ( 3.3% QoQ), offset by LCC (Network services) restructuring and weaker-than-expected Comviva (4Q is the strongest).