Tech Mahindra delivered 0.9% QoQ ( 0.4% CC) growth in 1QFY17, led by Pininfarina (~USD$ 9mn one-month contribution) while organic revenue was flat (1Q revenue at US$ 1,032mn was in-line with est). EBITDA performance was lacklustre, due to integration of low-margin acquisition, Comviva seasonality and higher visa cost.