Likely Revival of Communications Biz to Aid Growth Tech Mahindra (TechM) has delivered an in-line performance in 1QFY19 with its USD revenue declining by 1.6% QoQ to US$1,224mn (0.3% in CC terms), exactly in-line with our estimate. Communications business remained under pressure, with revenue declining by a steep 6.3% QoQ in USD terms, which on YoY basis declined by 5.8%, marking de-growth for fourth consecutive quarter. Notably, this vertical contributed 39.6% to total revenue in 1QFY19, the lowest level since the acquisition of Satyam. On the other hand, Enterprise business grew by a healthy 3.8% QoQ in CC terms, while reported USD growth came in at 1.8%. Vertical-wise,...