Maintain BUY with a TP of Rs 740 based on 15x FY20E EPS. Tech Mahindra delivered poor revenue growth in 1QFY19 while margin performance was better than expected. Revenue stood at USD 1,224mn (-1.6% QoQ, +0.3% CC), vs our estimate of USD 1,228mn. Enterprise (+1.8%, +3.8% CC QoQ) continue to drive growth led by traction in Manufacturing (+2.5% QoQ) and BFSI (+2.9%). Digital (27% of rev, +30% YoY) is growing in-line with industry average and is driving enterprise growth.