Maintain BUY with a TP of Rs 880 based on 15x Dec-20E earnings. Tech Mahindra delivered healthy performance both on revenue and margin front. Revenue stood at USD 1,261mn (+3.5% QoQ, +4.3% CC), ahead of our est of USD 1,244mn. Enterprise (59% of rev) grew 4.2% QoQ led by Digital (33% of rev, +10% QoQ) and recovery in Manufacturing and BFSI. Management expects Enterprise segment to grow at ~10% CC YoY led by increased Digital adoption and strong TCV wins (USD 490mn in last two quarters).