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Tech Mahindra Q1 Result Update: Net profit falls 16% to ₹1,131.6 cr; revenue rises 25%

Tech Mahindra Q1 Result Update

Tech Mahindra Q1 Result Update: Net profit falls 16% to ₹1,131.6 cr; revenue rises 25%.

 

On 25th July 2022, Tech Mahindra Limited reported a net profit of Rs. 1,131.6 crores and fell by 16.3% YoY from Rs. 1353.2 crores. The fall in the net profit was driven by the high costs. Sequentially the net profit declined by 24.8% QoQ from Rs. 15.5.6 crores.

However, the revenue beats the estimates. The company reported the revenue of Rs. 12,708 crores for the June quarter, up by 24.6% YoY from Rs. 10,197 crores. The revenue was up by 4.9% QoQ over Rs. 12116.3 crores. Dollar Revenue was up 1.5% QoQ and in CC term grew by 3.5% QoQ to USD 1,632 million. Rupee revenue grew by 4.9% QoQ to Rs.  1,27,07.9 crores driven by growth in communication, enterprise at 3.9%, 3.2% in constant currency term,

Technology, retail, manufacturing verticals registered healthy growth of 6.3%, 5.7%, 4.3% QoQ, while BFSI declined by 2.7% QoQ due to currency headwind.

 Earnings before interest, taxes, depreciation and amortization stood at ₹1,880 crore, slipped by 10% QoQ from and up by 0.2% YoY.

The company recorded earnings before interest and tax of Rs. 1403.4 crores and slipped by 9.2% YoY from Rs. 1545.3 crores and down by 12.5% QoQ from Rs. 1604.2 crores.

EBIT margin for the quarter is 11% compared with 13.2% in the previous quarter and 15.2% in Q1 FY 22. The margins were down due to a partial wage revision, lower utilization, and a normalization in SG&A spend.

DSO increased by 3 to 100 sequentially. Nearly 75% of the increase is due to currency movement.

The total contract value (TCV) came in at $802 million down 21% YoY. Sequentially, TCV was down by 1.6% from $1,011  million. The TCV in Q1 FY22 was $815 million.

The company hired 6,862 freshers in the June quarter as compared to 6,106 in Q4FY22. Net headcount is at 158,035, up 6,862 QoQ. Attrition for the June quarter fell to 22% from 24% in the March quarter but was higher than 17% in the year-ago quarter.
The number of clients in the $50 million-plus bracket is at 23. Clients in the $20 million-plus bracket soared to 60 from 54 sequentially and in the $10 million-plus bracket to 104 from 97.
Headcount of software professionals increased by 26% YoY to 88,030. Sales and support and BPO professionals also improved YoY by 28.2% and 23.6%, respectively.
The shares of the company are currently trading at Rs. 1054.15, up by 16.60 points or by 1.53% as compared to the previous close at Rs. 1038. The stock opened at Rs. 1055. The market cap of the company is Rs. 102,569 crores.

 

 

 

 

 

 

 

 

 

 

 

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