Tech Mahindra delivered robust 3Q, led by continued traction in Enterprise ( 6.3% QoQ) and Telecom ( 1.7% QoQ). Telecom registered growth for the second consecutive quarter despite LCC (Network services) restructuring. Core Telecom & Comviva has been growing within Telecom while LCC will continue to drag for 1-2 quarters. Enterprise will continue to grow led by traction in BFSI and Manufacturing.