Tech Mahindra (TechM) has delivered a decent performance in 3QFY18, with its USD revenue rising by 2.5% QoQ to US$1,209mn. While the Enterprise business grew at a robust pace of 4.2% QoQ, the key Communications vertical remained under pressure with revenue growing by a subdued 0.4% QoQ in USD terms. Notably, this vertical contributed 42.8% to TechM's total revenue, marking the lowest level since the acquisition of Satyam. Vertical-wise, Manufacturing and Technology, Media & Entertainment (TME) were the key revenue drivers, with segmental revenue rising by 3.1% and 13% QoQ, respectively. It should be noted that the IP partnership, which TechM entered into last quarter has been included in TME vertical. Led by cost control and...