IT major Tech Mahindra’s Q3 profit skyrocketed 92.63 per cent to Rs 983.2 crore in comparison to Rs 510.4 crore posted during the same period of previous financial year. Though sequentially there is a drop in Q3 profit from Rs 1257.50 crore recorded in Q2FY25, one of the big contributors to the profit growth on Year-on Year basis could be new deals TCV which went up by 95.4% to $745 million.
Mohit Joshi, CEO, Tech Mahindra, said, “We see an improved rate of deal wins in our key verticals and priortised markets. This coupled with consistent expansion in operating margins, despite cross-currency headwinds during the quarter, reaffirms that we are on track to achieve our long-term goals.”
Rohit Anand, CFO, Tech Mahindra, said, “We delivered growth in EBIT margin and operating PAT, both on a sequential and year-on-year basis, resulting from our targeted actions under Project Fortius, along with steady increase in new deal wins, across prioritised verticals and markets. Our continued focus on optimising working capital management has resulted in generation of robust free cashflow.”
Besides, Tech Mahindra posted Q3 revenue at Rs 13,285.60 crore, up 1.41 per cent as against Rs 13,101.30 crore during the third quarter of FY24.
Here are key wins during Q3
- Won a new logo with one of the largest telecom operators in Europe, being a strategic partner, focused on delivering consolidation and accelerated transformation of the key domains of their Digital, IT and Network ecosystem.
- Selected by a large German telco to support their technology domains across Network, IT, and Service Operations, driving autonomous operations using GenAI.
- Selected by a global leading hi-tech and mobile company for end-to-end data services, for their key flagship consumer and enterprise product, helping them gain a competitive edge and deliver an immersive experience differentiated by AI.
- Won a managed services deal from a leading global auto-maker for supporting their IT landscape covering every aspect of their business operations by leveraging our ADMS and Cloud & Infra Services capabilities.
- Awarded a global managed Network as a Service (NaaS) deal by a Europe based one of the largest chemical producers globally.
- Selected by a large telco in Canada to provide frontline customer experience services by leveraging TechM’s BPS capabilities.
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