Tech MahindraQ3 results: In dollar terms, revenue was $1,573 million, up 1.1% sequentially but down 5.7% year on year. In constant currency terms, Revenue increased 1.1% quarter over quarter but was down 5.4% year over year.
In the December quarter, Tech Mahindra Ltd (TechM) recorded a 60.6% YoY decrease in net profit, amounting to Rs 510 crore. Analysts had anticipated a profit decline of 45-52% for the IT firm. The company reported a 4.6% YoY drop in revenue to Rs 13,101 crore, as disclosed in a BSE filing. This contrasts with analysts’ predictions of a 5-7% sales decline prior to the release of Tech Mahindra’s results.
The EBIT margin for the quarter was 5.4 percent. The IT firm reported net new transaction wins of Rs 381 crore in the quarter. Analysts were anticipating the IT firm to publish a deal total contract value (TCV) of $400-500 million. – Tech MahindraQ3 results
In the September quarter, net new deal wins totaled $640 million, compared to $795 million the previous year. Tech Mahindra reported 1,228 active clients at the end of the December quarter, which was down from 1,252 clients in September and 1,290 clients in the same quarter last year.
IT attrition was 10%, down from 11% in September and 17% in the same period last year. The utilization rate was 88 percent, up from 86 percent in September and the same quarter last year. Total headcount declined 2.9 percent to 1,46,250 sequentially and 6.9 percent year on year. The number of software professionals increased by 0.6% to 81,705 from 81,200 in the September quarter.
