Upgrade to BUY with a TP of Rs 700 based on 15x Dec-19 EPS (vs 13x earlier). Tech Mahindra delivered robust performance in 3QFY18 both on the revenue and margin fronts. Revenue stood at USD 1,209mn (+2.5% QoQ, +2.4% CC), higher than our estimate of USD 1,197mn. Growth was driven by the Enterprise business (+4.2% QoQ, ex-IP +2.8%), led by IP deal integration and traction in Manufacturing (+3.1% QoQ).