Tech Mahindra Q3’24 revenue at ₹ 13,101 Crore; up 1.8% QoQ

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter ended December 31, 2023.

Financial highlights for the quarter (USD)

  • Revenue at USD 1573 Million; up 1.1% QoQ, down 5.7% YoY
  • Revenue up by 1.1% QoQ, declined by 5.4% YoY in constant currency terms
  • EBITDA at USD 138 Million; up 6.4% QoQ, down 47.1% YoY; Margin at 8.8%, up 40 bps QoQ
  • Profit after tax (PAT) at USD 61 Million; up 3.0 % QoQ, down 61.0 % YoY
  • Free cash flow at USD 228 Million

Financial highlights for the quarter (₹)

  • Revenue at ₹ 13101 Crore; up 1.8% QoQ, down 4.6% YoY
  • EBITDA at ₹ 1146 Crore; up 6.9% QoQ, down 46.5% YoY
  • Consolidated PAT at ₹ 510 Crore; up 3.4% QoQ, down 60.6% YoY
  • Earnings per share (EPS) at ₹ 5.8

Other Highlights

  • Total headcount at 146250 down 4354 QoQ
  • Cash and Cash Equivalent at ₹ 7012 Crore as of December 31, 2023
Mohit Joshi, Managing Director and Chief Executive Officer, Tech Mahindra, said,
The quarter was a mixed outcome, with growth in the Manufacturing and Healthcare segments but muted spending in areas like Communications, BFSI, and Hi-tech. While this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “This year has given us the opportunity to step back and review our portfolio. We are confident that these actions will help us correct our course and deliver value in the long term. We are encouraged by the robust cash conversions this year, and we hope to continue this rigor in other operational areas as well.

Earlier in October last year, Tech Mahindra announced the audited consolidated financial results for its quarter ended September 30th, 2023, wherein it reported revenue at ₹ 12,864 crores that was down by 2.2% QoQ and down 2.0% YoY.

In the quarter ended December 31, Tech Mahindra launched a new business unit Navixus™, within Tech Mahindra Business Process Services (BPS), and acquired Eventus Solutions Group. The company also launched Populii, a crowdsourcing platform that enables gig workers to collaborate with leading organisations through micro jobs requiring human-in-the-loop services.

Consolidated financial for the third quarter ended December 31, 2023 drawn under Ind AS

Tech Mahindra Q3’24 revenue at ₹ 13,101 Crore; up 1.8% QoQ


Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.