Tech Mahindra has reported a 6.1 per cent year-on-year (YoY) growth in its consolidated revenue, which stood at Rs 368.68 billion during quarter ended (QE) March 2020.
However, the company’s net profit declined by 6.2 per cent to Rs 40.33 billion during the period.
Meanwhile, the consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 57.26 billion during the quarter under consideration and the EBITDA margin stood at 15.5 per cent.
Commenting on the results, CP Gurnani, Managing Director and Chief Executive Officer, Tech Mahindra, said, “Covid-19 has brought an unprecedented change in business model for the IT industry. Ensuring wellness of employees and contribution to society while maintaining business continuity under all circumstances continues to be our priority. While the demand traction seen through the first three quarters of fiscal 2019-2020 has reversed in fourth quarter (Q4), we expect that the focus on digital transformation, remote working, and network modernisation will recover in the medium term. The company has shown a strong growth for fiscal 2020 and we remain committed to deliver sustainable solutions to our customers enabling them to adopt to New Normal.”
Further, Manoj Bhat, Chief Financial Officer, Tech Mahindra, said, “Q4 has been a quarter where some of our metrics were impacted by the environmental challenges. Efficient operations, cost optimisation and delivery automation will be the key focus areas going into the next year. Our strong balance-sheet combined with a focus on cash conservation will help us tide over the volatility in near term, as we look to emerge stronger and leaner to capture opportunities ahead.”
- Tech Mahindra has been selected by a global leader in sustainable and innovative fibre solutions as a managed services partner to modernise its technology stack accelerating future growth strategy.
- Engaged by a leading Australian telco to transform their business operations and drive automation to enhance the end customers’ experience.
- Tech Mahindra has been engaged by a leading UK telco for enriching its user experience leveraging company’s unique transformation approach and automation capabilities.
- Selected by one of the world’s leading innovator in material science as a managed services partner for innovation led transformation leveraging end user computing techniques.
- Selected by a top life insurance company in Australia as a technology partner for infrastructure, security and digital workplace services to enhance operational efficiency through technology transformation.
- Chosen by a South African government agency for provision of SAP digital transformation, end-to-end solution and managed support services leveraging Tech Mahindra’s digital offerings.
- Engaged by a premier central government authority as a system integrator for the design, development, implementation and maintenance of the ERP solutions for its internal users.
- Selected by one of the largest Australian building and construction materials company to accelerate their business transformation through implementation of ERP systems across their multiple lines of business.
- A Swiss multinational pharma selected Tech Mahindra as a agile development partner for transformation projects in Pharma Development Informatics.
- Tech Mahindra won a deal with UK’s leading telecom service provider to provide end-to-end managed services for IT Solution Design and Architecture function.
- Engaged by one of the largest insurance company in India as a transformation partner for modernisation of centralised IT application system.
- Selected by an Indian engineering and construction organisation for implementation of SAP HANA as part of its digital transformation agenda.
- Tech Mahindra conveyed solidarity in the global fight against COVID-19 through announcement of a temporary tweak in its brand logo. The new logo is in line with Tech Mahindra’s commitment towards ensuring well-being of its associates, clients and customers.
- Tech Mahindra has launched a dedicated Google Cloud Center of Excellence (COE) to drive digital transformation of enterprises globally.
- Tech Mahindra inaugurated its new delivery center in the Warangal city of Telangana to digitally transform Warangal and other tier-II cities within the state leveraging new age technologies like Artificial Intelligence and Blockchain.
- Honeywell and Tech Mahindra teamed up to build “Factories of the Future”, leveraging industry-leading digital technologies.
- Tech Mahindra and Defence PSU (Public Sector Undertaking) Bharat Electronics Limited (BEL) have collaborated to design and build cutting edge Digital Solutions for Aerospace and Defense.
- Tech Mahindra has collaborated with Virsec, a US based cybersecurity company to provide first-of-its-kind cybersecurity solutions to protect applications from the inside at the memory level in real-time.
- Tech Mahindra has launched T- Block Accelerator, the inaugural accelerator program for the Telangana Blockchain District in partnership with Government of Telangana and IBC Media, an innovation management company.
- Tech Mahindra has entered into a partnership with Innoveo, a Zurich based leading technology software provider digital transformation to enhance customer experience globally in Insurance, Banking and Wealth Management.