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Tech Mahindra announces financial results for Q1’21

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Tech Mahindra Ltd., a specialist in digital transformation, consulting and business reengineering services announced the audited consolidated financial results for its first quarter ended June 30, 2020.

Financial highlights for the quarter (USD)

  • Revenue at USD 1,207.5 mn; down 6.7% QoQ, down 3.2% YoY
  • Revenue degrowth at 6.3% QoQ and 1.8% YoY in constant currency terms
  • EBITDA at USD 172.4 mn; down 5.7% QoQ
  • Consolidated PAT at USD 128.8 mn, up 18.2% QoQ;
  • Free cash flow at $ 316.7 mn, conversion to PAT at 245.9%

Other Highlights

  • Total headcount at 123,416; down 1,820 QoQ
  • Active Clients stood at 981 in Q1’21, up by 8 QoQ
  • Cash and Cash Equivalent at USD 1,378.4 mn as of June 30, 2020

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said,

Our customer centric approach and continued focus on keeping our associates safe and connected has helped us to navigate through these challenging times successfully. We are witnessing a wave of new age technologies being adopted by the customers as businesses across the globe are actively pursuing digital transformation. We are well positioned to capture such spends and our endeavor is to be back on the growth path amid increased signs of demand normalization.

Manoj Bhat, Chief Financial Officer, Tech Mahindra, said,

Despite demand uncertainty and volume reduction, we have been able to demonstrate operational resilience through cost optimization. Cash conversion has been strong, while we aim to improve profitability margins as demand normalizes.

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