Tech Mahindra Q1 FY23 Revenues Up 24.6% YoY

Revenue stood at Rs 12,708 crores; up 4.9 per cent quarter-on-quarter (QoQ) and up 24.6 per cent year-on-year (YoY)

Tech Mahindra has today announced the audited consolidated financial results for its quarter ended June 30th 2022. The company revenue statistic stood at Rs 12,708 crores; up 4.9 per cent quarter-on-quarter (QoQ) and up 24.6 per cent year-on-year (YoY). The Pune-headquartered company’s EBITDA stood at Rs 1,880 crores; down 10 per cent QoQ, up 0.2% YoY. Its consolidated PAT was Rs 1,132 crores; down 24.8 per cent QoQ and down 16.4 per cent YoY.

The company’s total headcount stood at 158,035 up 6,862 QoQ. And its Cash and Cash Equivalent was reported at USD 1,114 million as of June 30, 2022. “We are starting this fiscal with a renewed commitment towards delivering consistent organic growth. We remain resilient and watchful given the dynamic global macro-economic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings. Our winning strategy rests on the pillars — ‘Purpose, People and Performance’ which is aiding us to responsibly capitalise on the strong demand environment in the market”, said CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra.

Amongst the key deal wins for the company in Q1 FY23 were one of the largest telecom operators in Africa, which chose Tech Mahindra as the preferred partner for transitioning to Next Generation Digital IT Operations including Infrastructure Support and managed services. Tech Mahindra was also chosen by a large municipal organization in the Middle East to implement digital services transformation leveraging their next-generation Al-Ops frameworks & tools to enhance customer experience and establish an agile customer service delivery.

“Delivery transformation, cost optimization and cash conversion will be key focus areas, as we continue to offset the strong supply side headwinds in the market. We aim to expand our profitability through operational excellence and improved operating metrics over the course of FY’23”, said Rohit Anand, Chief Financial Officer, Tech Mahindra.