While valuation looks expensive in the short-term, we remain bullish on TechM's long-term outlook, with strong growth seen in enterprises segment and gradual recovery in communication vertical. We retain our BUY rating on the stock with a TP of Rs. 779 on 15x FY22E adj. EPS. Decent quarter despite challenging time Company recorded revenue growth of 5.2% YoY to Rs. 9,106cr (vs. Rs. 8,653cr in Q1FY20). The increase in revenue driven by growth in IT segment (91.9% of total revenue) 6.5% YoY to Rs. 8,367cr, which was partially offset by declined in BPO...