M on 14X multiple (margin volatility & lower margins than peers will restrict further re-rating of multiples) on Sep-22 EPS of Rs.51 to arrive at a changed target price of Rs. 716. Upgrade to Accumulate from Reduce. Tech M positively surprised with decent set of numbers with revenues & margins above our & street estimates. TM posted with -6.3% revenue (Ple: 6.6%, Cons: -8.3%) CC decline with core business (telecom) declined by 8.2% QoQ & Enterprise revenue declined by -5.1% QoQ. Tech M surprised on margin front beating our/cons estimates by 100bps to 10.1% & management also mentioned EBIT margins will improve from hereon. PAT came at INR9.72bn which is 22% higher than our estimates/cons led by margin beat &...