Tech Mahindra Q3 Results FY2023, PAT at Rs. 1,285.3 crores

On 30th January 2023, Tech Mahindra announced its results for the third quarter of FY2023.

Key Highlights:

In INR:

- Revenue at Rs. 13,734.6 crores: up 4.6% QoQ and up 19.9% YoY 
- EBITDA at Rs. 2,144 crores; up 8.1% QoQ, up 4.1% YoY 
- The company reported its net profit at Rs. 1285.30 crores.

In USD:

- Revenue at USD 1,668 million; up 1.8% QoQ and up 88% YoY. Revenue growth 0.2% QoQ in constant currency terms 
- EBITDA at USD 260 million; up 6.0% QoQ, down by 5.9% YoY. EBITDA margin at 15.6%, up 50bps 
- Profit after tax (PAT) at USD 157 million; down 1.0% QoQ and down 14.4% YoY.
- Free cash flow at USD31 million, conversion to PAT at 20.0%.
- Total headcount at 157,068 down 4.2% QoQ 
- Cash and Cash Equivalent at USD 780 million as of December 31, 2022

Key Deals:

- Tech Mahindra announced an innovative partnership with Swimming Australia to deliver technology support across all facets.
- Tech Mahindra partners with Airtel to deploy a captive private network at Mahindra’s Chakan manufacturing facility, making it India’s first SG enabled Auto manufacturing plant under Tech Mahindra’s ‘SG for Enterprise’ program
- Tech Mahindra launches Cloud BlazeTech, an integrated-sector-agnostic platform to maximize business value for cloud-powered enterprises globally.
- Tech Mahindra partners with Mindtickle, a global leader in sales enablement and training technology to enhance sales effectiveness.
- Tech Mahindra and Basis Technologies partner to accelerate delivery of Smart Utility Solutions in Europe and the US.
- Tech Mahindra partners with Foxconn-initiated MIH Consortium to offer sustainable automotive engineering solutions.
- Tech Mahindra announced a strategic partnership with Altice Labs, an innovation center of Altice Group, to co-create, innovate, and jointly offer end-to-end solutions in BSS-OSS, connectivity, fiber, & 5G powered by advanced data-driven analytics, Al-Led digital and cloud-native solutions.
- Tech Mahindra announced a strategic partnership with SoftTec, to provide customized solutions for the end-to-end digital transformation of businesses in the construction and infrastructure industry. 

Commenting on the results, CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said, “We are witnessing moderation in growth given the tough macroeconomic environment. We wilI continue to work with our customers to pre-empt their technological requirements and identify, new demand drivers, especially for digital services.”