Tech Mahindra (TECHM) posted numbers below our estimates on lower revenue as well as lower growth in margin. While lumpy growth in enterprise division supported 1.2% cc revenue growth of TECHM, decline in communications division had a negative impact due to project ramp-down, furlough seasonality as well as extended spending decisioncycle by large communications accounts. With volatility in communication division (large accounts as well as mid-sized accounts) and TM&E; vertical ahead, margin headwinds of wage hike in 1Q, we expect benign earnings growth ahead (7% CAGR over FY15-18E) and downgrade our recommendation to HOLD (BUY earlier) with Target Price of Rs520. Communication division results in soft quarter; outlook muted ...