Tech Mahindra Q3 Results FY2024, Net profit at Rs.510 crores

Shreya_Anaokar Shreya Anaokar 24th January 2024 - 05:35 pm
Listen icon

On 24th January, Tech Mahindra announced its quarterly results.

Key Highlights:

- In USD, Revenue stood at $1572 million, a rose of 1.1% YoY. In INR, Revenue stood at Rs.13,101 crores, down by 4.6% YoY
- EBITDA was reported at Rs.1146 crores
- In INR, Net profit was at Rs.510 crores, down by 60.6% YoY
- Total Contract Value (TCV) was reported at $381 million
- Total headcount at 146,250, down by 4,354 QoQ 
 

Business Highlights:   

- Industry segment growth was led by Communications, Media & Entertainment (CME)  vertical which grew 36.5%, Manufacturing was at 18.1%, Technology was at 10.5%, BFSI at 15.5%, Retail, Transport & Logistics at 8.6%, Others at 10.8% .
- Among major markets,  America grew 51.9% and Europe grew 23.8%  Rest of the World grew 24.3%.
- Within Tech Mahindra Business Process Services (BPS), Tech Mahindra established a new business unit called Navixus. With the help of Eventus Solutions Group, a recently acquired company, and Tech Mahindra's Business Process Services, NavixusTM leverages their expertise to help customers traverse digital crossroads.
- Tech Mahindra recently revealed the release of Populii, a crowdsourcing platform that allows freelancers to engage with top companies on microtasks that need human-in-the-loop assistance.
- To develop a sports cloud platform, Tech Mahindra and Amazon Web Services (AWS) announced their partnership.

 

Key Deals Won:

- One of the leading life and annuity providers in North America has chosen Tech Mahindra as a key IT and Transformation partner. 
- A US-based telco operator chose Tech Mahindra as a prime services partner. 
- In the travel, logistics, and hospitality sector, a Fortune 500 business has chosen Tech Mahindra as one of its top strategic partners.
- One of the biggest banks in Asia chose Tech Mahindra for a full Digital Banking CX rollout.

Commenting on the results, Mohit Joshi, Managing Director & 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."
 

How do you rate this article?

Characters remaining (1500)

FREE Trading & Demat Account
+91
''
Resend OTP
''
''
Please Enter OTP
''
By proceeding, you agree T&C*
Mobile No. belongs to