Maintain NEUTRAL with a TP of Rs 477 based on 12x Sep-19 EPS. Tech Mahindra delivered better-than-expected 2QFY18 numbers, both on the revenue and margin fronts. Revenue stood at USD 1,179mn (+3.6% QoQ, +2.3% CC), higher than our estimate of USD 1,166mn (+1.4% CC). Growth was driven by the Enterprise business (+6.4% QoQ, Organic +3.9%), led by HCI integration (Healthcare) and traction in the BSFI and Manufacturing verticals. Telecom (44% of rev, +0.2% QoQ) remains the laggard, led by weak Comviva (VAS) and restructuring in LCC (Network Services) business.