Tech Mahindra (TechM) reported a healthy performance on all fronts in Q3FY19 with 4.3% constant currency revenue growth (vs. our estimate of 3%) and 50 bps margin expansion to 19.3% US$ revenues grew 3.5% QoQ to $1261 million (vs. our estimate $1248.2 million) mainly led by growth in telecom (2.5% QoQ), manufacturing (5.6% QoQ) and BFSI (2.7% QoQ) On the margin front, the EBITDA margin increased 50 bps QoQ to 19.3% led by 6.2% QoQ decline in SG&A; expenses and benefit of...