Tech Mahindra's Q1 Net Profit Falls 2.2% Sequentially, Revenue Slips Slightly
Despite the dip in topline and profit, the company managed to improve its operating performance, with EBITDA rising 3.6 per cent QoQ to Rs 1,935 crore. On a year-on-year (YoY) basis, the company showed improvement across key metrics.
Net profit grew 34 per cent, revenue increased 2.7 per cent, and EBITDA was also up 34 per cent, the company stated in its filing. However, America's market, which contributes nearly half of Tech Mahindra's overall revenue, reported a 5.9 per cent decline compared to the previous year.
The company's net new deal bookings rose to $809 million during the quarter, up from $798 million in the previous quarter and significantly higher than the $534 million booked in the same quarter the previous year. Rohit Anand, Chief Financial Officer of Tech Mahindra, said the company has now delivered seven straight quarters of margin expansion.
He added that the ongoing 'Project Fortius' is continuing to deliver strong operational improvements, even in a challenging environment. CEO and Managing Director Mohit Joshi said the company's performance is strengthening steadily.
He pointed to a 44 per cent increase in deal wins over the last 12 months, supported by positive momentum across various industries and global markets. In dollar terms, Tech Mahindra's net profit rose 30 per cent YoY, while revenue increased marginally by 0.2 per cent.
The company's EBITDA margins improved by 260 basis points, reaching 11.1 per cent. Looking at performance by verticals, the Communications segment grew 2.8 per cent QoQ and 2.5 per cent annually.
The BFSI segment declined 0.6 per cent from the previous quarter but rose 4.7 per cent YoY. Manufacturing saw 4 per cent growth sequentially but dropped 4 per cent compared to the same period the previous year.
Tech Mahindra reported a total headcount of 148,517 employees in the first quarter, an increase of 897 people from the same quarter the previous year. The attrition rate during the quarter rose slightly to 12.6 per cent. On the stock market, Tech Mahindra shares closed nearly 2 per cent higher at Rs 1,608.5 apiece on the NSE.
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