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

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."