Tech Mahindra Q4 Results FY2023, Net Profit at Rs. 1118 crores

On 27th April, Tech Mahindra announced its results for the last quarter of FY2023.

Tech Mahindra Revenue:

- For FY2023, Revenue in USD was reported at $6607 million, a growth of 10.1% YoY
- For FY2023, Revenue in INR was posted at ₹53290 crores, growth of 19.4% YoY
- In Q4FY23, Revenue in USD was reported at $1668 million
- For the quarter, Revenue in INR was at ₹13718 million, down of 0.1% QoQ and 25.8% YoY. 

Tech Mahindra Net Profit:

- For FY2023, Net profit in USD was reported at 595 million; down 20.3% YoY, EBITDA at 990 million; down 8.0% YoY; Margins at 15.1%; down 290bps YoY.
- For FY2023, Net profit in INR was posted at Rs.4,832 crores; down 13.2% YoY. EBITDA at Rs. 8,029 crores; up 0.1% YoY;  Margin at 15.1%; down 290 bps YoY. 
- In Q4FY23, Net profit in USD was reported at USD 136 million; down 13.7% QoQ, down 31.6% YoY. EBITDA at USD 245 million; down 5.7% QoQ, down 11.0% YoY, Margin at 14.7%; down 90bps QoQ. 
- For the quarter, Net profit in INR was at Rs.1,118 crores; down 13.8% QoQ, down 25.8% YoY. EBITDA at 2 2,021 crores; down 5.7% QoQ, down 3.2% YoY 

Key Deals Won:

- Tech Mahindra was selected as a digital infrastructure partner by a large not-for-profit Enterprise Health System in America to provide solutions designed to manage IT Infrastructure including critical areas such as Server Management, Network Services, and Disaster Recovery. 
- Tech Mahindra was chosen by a leading American wireless network operator as a digital support partner to provide application maintenance and SRE Operations Support Services for 200+ Digital applications. 
- Tech Mahindra was selected as a strategic delivery partner by a major financial services customer in Australia and New Zealand for several transformational projects involving the modernization of legacy data systems, as well as decoupling banking data assets from the core business. 
- Tech Mahindra was selected as a long-term strategic partner by an African power transmission provider to manage an integrated end-to-end ERP & GIS System providing coverage across critical functionalities like Audit & Risk management, Asset tracking. 
- Tech Mahindra was selected by a large telecommunications operator in America to improve their customer experience which includes objectives of channel containment, and contact shed among others. 
- Tech Mahindra was chosen as a strategic partner by a large development & construction company in Europe, to modernize its IT architecture and manage its end-to-end operations for a greater focus on customer-centricity and measurable business growth. 

Other Highlights:

- Total headcount at 152,400 down 4,668 QoQ 
- Cash and Cash Equivalent at Rs. 7,435 crores as of March 31, 2023.

Commenting on the results, CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said, “As we step into FY'24, we see the increasing need for businesses to stay agile by leveraging next-generation technologies. We are strongly focused on helping our customers stay competitively dominant and relevant in the era of fast evolving market conditions by helping them adapt to leaner and sustainable business models”.