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Tech Mahindra reports 6.8 per cent increase in net profit during the QE June 2019

August 01, 2019
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Tech Mahindra has reported a 6.8 per cent increase in its net profit, which rose from Rs 8.98 billion during the quarter ended (QE) June 2018 to Rs 9.59 billion during the QE June 2019. Further, the company’s revenue stood at Rs 86.53 billion during the QE June 2019, up by 4.6 per cent on a year-on-year (YoY) basis.

However, its earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by 3.2 per cent on a YoY basis and stood at Rs 13.14 billion during the QE June 2019.  The company’s free cash flow for the quarter stood at Rs 5.98 billion.  Further, its operating margins came in at 15.2 per cent, down by 120 basis points on a YoY basis.

Commenting on the results, C.P. Gurnani, managing director (MD) and chief executive officer (CEO), Tech Mahindra said, “We are very encouraged to see total contract value (TCV) deal wins worth close to half a billion dollars across enterprise and communications. We remain optimistic on the demand environment, evident from a very strong pipeline and deal conversions. Digital will continue to be a primary growth driver underscoring our collaborative approach through TechMNxt platform.”

Further, Manoj Bhat, chief financial officer, Tech Mahindra said, “Business seasonality has affected revenue and margins this quarter. Our focus on automation and artificial intelligence (AI) will help realise operational efficiencies as we look to accelerate growth through the year.”

Meanwhile, Tech Mahindra has announced the acquisition of Mad*Pow, a strategic design consultancy headquartered in the US. The addition of Mad*Pow to the Tech Mahindra portfolio is expected to help bolster capabilities in customer experience (CX) and digital transformation such as research, experience strategy and service design, user experience design, behaviour change design, content strategy, mobile app and web development, design ops, data science and analytics. The Boston-area consultancy will offer a strong complement to Tech Mahindra’s existing offerings and capabilities across design, marketing and commerce.

Commenting on the acquisition, C.P. Gurnani, MD and CEO, Tech Mahindra, said, “Mad*Pow’s acquisition is in sync with Tech Mahindra’s global digital charter. With this collaboration, our digital footprint will take a deeper root not just in the US, but in the wider ecosystem world over. I welcome the Mad*Pow team into the Tech Mahindra family, and I am confident that together we will achieve greater success.”

Key wins:

• Engaged by one of the Canadian multinational mass media firm to modernise and transform their next generation network infrastructure.

• Selected by one of the fastest growing wireless provider in Mexico for driving enhanced customer experience.

• Selected by a Japanese information and communication technology (ICT) provider company for migration of SAP ECC to S4Hana.

• Signed a deal with a leading water treatment manufacturer to assist in their digital transformation journey through modernisation of infra, apps and security.

• Engaged by a leading telecom operator to provide end to end customer experience transformation.

• Won a deal with a health insurance organisation to provide application portfolio transformation across various business units and technologies.

• Selected by Indian Navy to create an RFID-based secured digital access control system.

• Engaged by a leading aviation engine manufacturer for improving their manufacturing and supply chain processes leveraging artificial intelligence.

• Won a deal with Baltic telecom operator for their digital application transformation program.

• Chosen by an APAC based insurance and banking major to support and maintain the data ecosystem across business units, leveraging TechM’s analytics platform solutions.

• Selected by a leading cognitive solutions and cloud platform company as the infrastructure managed services partner for their cloud platform as well as for build-up and deployment of power infrastructure.

Business Highlights:

• Tech Mahindra and Prometeia collaborate to provide governance, risk and compliance services to banks helping them respond effectively to the evolution of business and investment strategies in dynamic market scenarios in line with Basel III framework.

• Tech Mahindra and K2View enter into a strategic global alliance to accelerate digital transformation for enterprises by enabling them access to real-time data via a single, secure, seamless platform, reducing project’s cost by 60 per cent.

• Tech Mahindra and IIT Kanpur collaborate to address future cyber security challenges by developing and fostering an environment to deal with automation in cyber security and bringing real world industry exposure to IIT Kanpur students to find suitable solutions.

• Tech Mahindra inaugurates technology centre in St. Louis, Missouri with a focus on innovation in next-gen technologies and help create a future-ready digitally skilled local workforce.

• Tech Mahindra and Strands collaborate to provide customised digital banking solution to financial institutions globally by providing data-driven analytics of user behaviour.

• Tech Mahindra and MKI collaborate to develop next generation digital enterprise solutions in the Japanese market.

• Tech Mahindra introduced K2, the first human resource (HR) humanoid, for its Noida special economic zone campus in Uttar Pradesh, India. K2 will take over the routine HR transactions to provide constant assistance to the HR team in creating an enhanced employee experience.

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