Firstcall Research's report on Tech Mahindra During Q2 FY16, Tech Mahindra Ltd consolidated net profit stood at Rs. 7856.30 mn against Rs. 7196.40 mn in the corresponding quarter ending of previous year, an increase of 9.17%. Consolidated revenue for the quarter rose by 20.55% to Rs. 66155.40 mn from Rs. 54879.00 mn, when compared with the prior year period. During Q2 FY16, EBIDTA is Rs. 12668.90 mn as against Rs. 11548.90 mn in the corresponding period of the previous year, an increase of 9.70%. EPS of the company stood at Rs. 8.16 a share during the quarter. Cash and Cash equivalent at Rs. 34920 mn as of September 30, 2015. Outlook and Valuation At the current market price of Rs.534.00, the stock P/E ratio is at 16.83 x FY16E and 15.00 x FY17E respectively. Earnings per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs.31.74 and Rs.35.60 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 45% and 43% over 2014 to 2017E respectively.