Tech Mahindra’s (TechM) Q4FY23 revenue grew 0.3% QoQ CC, flat QoQ in US$ terms, a tad lower than our and consensus estimate (ISEC: 0.5% QoQ US$, BBG cons: 0.2% QoQ US$). Revenue growth was led by communication (0.7% QoQ US$), manufacturing (1.5% QoQ US$) and BFS (0.3% QoQ US$).