For 3QFY2016, Tech Mahindra posted a 0.4% qoq growth in revenues to US$1,015mn V/s an expected US$1,021mn and V/s US$1,011mn in 2QFY2016. On constant currency (CC), the company posted a 1.2% qoq revenue growth. On the operating front, the EBDITA margin came in at 16.9% V/s an expected 17.2% and V/s 16.6% in 2QFY2016, a qoq expansion of 70bp. The EBIT margin came in at 14.3% V/s an expected 14.2% and V/s 13.7% in 2QFY2016. The company posted a net profit of Rs759cr V/s an expected Rs809cr and V/s Rs786cr in 2QFY2016, a qoq de-growth of 3.4%. We remain positive on the stock and recommend a Buy rating with a price target of Rs530. Result highlights: For 3QFY2016, the company posted a 0.4% qoq growth in revenues to US$1,015mn V/s an expected US$1,021mn and V/s US$1,011mn in 2QFY2016.. In INR terms, the company posted sales of Rs6,701cr V/s an expected Rs6,729cr, a qoq growth of 1.3%. On CC, the company posted a 1.2% qoq revenue growth. The growth was mainly driven by ROW, which constituted around 23.2% of sales in 3QFY2016 V/s 21.9% of sales in 2QFY2016. USA and Europe constituted 47.8% (48.9% of sales in 2QFY2016) and 28.9% (29.3%...