Maintain BUY with a TP of Rs 845 based on 15x Sep-20E earnings. Tech Mahindra delivered muted revenue growth in 2QFY19 but margin expansion was ahead of estimates. Revenue stood at USD 1,218mn (-0.5% QoQ, +0.4% CC), vs our est of USD 1,230mn. Enterprise (59% of rev) was down 3.6% QoQ primarily due to Healthcare (HCI Group) impact. Enterprise growth ex-HCI was +3.5% CC QoQ, powered by Digital (31% of rev, +10% QoQ).