Tech Mahindras revenue grew just 0.4% QoQ at US$ 1,015mn (vs. our est. US$ 1,023mn). The key telecom vertical continues to see growth headwinds (-2.7% QoQ). However, the enterprise segment saw decent growth of 3.8% QoQ led by retail ( 13.7% QoQ) and MFG ( 2.8%). CC revenue rose 1.2% QoQ and EBITDA margin was largely in-line, up 31bps QoQ (16.9%).