Tech Mahindra Q3 PAT rises 7% YoY to Rs 1,378 cr

The IT services company reported 6.82% increase in consolidated net profit to Rs 1,378.20 crore on 18.69% rise in revenue from operations to Rs 11,450.80 crore in Q3 December 2021 over Q3 December 2020.

During the quarter, profit before tax rose 9.9% Y-o-Y (year-on-year) to Rs 1,886.40 crore. EBITDA rose 8.7% Y-o-Y to Rs 2,060 crore in Q3 December 2021 over Rs 1,895.40 crore in Q3 December 2020. EBITDA margin 18% in Q3 December 2021 as against 18.3% in Q2 September 2021 and 19.6% in Q3 December 2020.

Tech Mahindra's consolidated net profit rose 2.78% and revenue from operations rose 5.23% in Q3 December 2021 over Q2 September 2021.

In dollar terms, revenue stood at $1,533.50 million, up 4.1% quarter-on-quarter (Q-o-Q) and 17.2% Y-o-Y. Revenue growth was reported at 4.7% Q-o-Q in constant currency terms.

CP Gurnani, the managing director (MD) and chief executive officer (CEO) of Tech Mahindra, said, "Our people-first approach combined with sustained value creation this quarter reflects our commitment towards redefining possibilities and competencies in the new normal. We continue to strengthen our presence, deliver broad-based profitable growth and value for our customers, backed by future-ready talent and niche digital capabilities."

Milind Kulkarni, the chief financial officer (CFO) of Tech Mahindra, said, "We continue to transform our operations and add new capabilities enabling us to grow faster while sustaining our profitability. Our focus on operational efficiencies and investments for the future will help us drive exponential value creation in the long run."

Total headcount at 1,45,067, up 3,874 Q-o-Q. Cash and cash equivalent stood at $1,345.80 million as of 31 December 2021. Last twelve months IT services attrition rate stood at 24% as on 31 December 2021 compared with 21% as on 30 September 2020 and 12% as on 31 December 2020.

Shares of Tech Mahindra rose 1.87% to end at Rs 1,507.05 on BSE. Tech Mahindra is focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.

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