Page 38 - SAMENA Trends - July-August 2023

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Tech Mahindra Q1’24 Revenue Up 3.5% YoY

Tech Mahindra Ltd., a specialist in digital
transformation, consulting and business
re-engineering services announced the
audited consolidated financial results for
its quarter ended June 30th, 2023.
Financial highlights for the quarter (USD)
Revenue at USD 1,601 mn; down 4.0% QoQ,
down 1.9% YoY
o Revenue reduced by 4.2% QoQ in
constant currency terms
EBITDA at USD 163 mn; down 33.7% QoQ,
down 31.8% YoY; Margin at 10.2%, down
460bps QoQ
Profit after tax (PAT) at USD 84 mn; down
38.0% QoQ, down 41.1% YoY
Free cash flow at $ 106 mn, conversion to
PAT at 126%
Financial highlights for the quarter (₹)
CP Gurnani, Managing Director & Chief
Executive Officer, Tech Mahindra, said,
“Our results this quarter reflect the
uncertainty in the global economy and
the IT sector. We are confident that we
have the right strategy and the right team
to overcome this temporary setback and
deliver long- term value for our customers
and shareholders.”
Rohit Anand, Chief Financial Officer, Tech
Mahindra, said,
“This quarter was a challenging one for us
as revenue growth faced strong headwinds
and that had an impact on profitability. We Mahindra won a multiyear strategic deal Enterprise Knowledge Search under Tech
have taken swift and decisive actions to from a leading Networking OEM in America Mahindra’s TechM amplifAI0->∞ integrates
address these issues and improve our for managing their public cloud operations, Microsoft Azure OpenAI Service, Azure
execution.” including various workloads for its fast- Cognitive Search, and Azure Language
Key Wins growing AI-based SaaS offerings, and for its understanding to increase effectiveness
Tech Mahindra was selected as a strategic upcoming Data & Cloud-based offerings of and personalization enabling capabilities
partner by a large telecommunications its Engineering and IT units. Tech Mahindra like content summarization, knowledge
operator in America to assist in the was selected by a large retail player in graph-led knowledge structuring, and a new
Cloud migration of ML platform; the US for Service desk management kind of query interface. Tech Mahindra and
implement predictive analysis program leveraging AI and bot first transformative Espressive, partner to provide automated
to personalize Sales and Market technology with built-in quality automation. and cost-effective digital workplace
Retention recommendations for the Tech Mahindra was selected as a strategic assistance. The partnership will enhance
client by leveraging big data analytics partner by one of the leading technology the overall employee experience of their
and microservices development. Tech companies in the world to augment AI customers by automating requests in real-
Mahindra was chosen by one of the largest capability by managing machine rewrites time through an AI-based virtual support
tyre manufacturers in the world for its end- and content validation. agent, Espressive Barista. The platform’s
to-end enterprise process transformation. Business Highlights advanced Natural Language Processing
Tech Mahindra will be revamping core Tech Mahindra has announced an (NLP), Natural Language Understanding
processes from Lead to Cash to Foreign integration with Microsoft to enable (NLU), and machine learning capabilities will
Trade in what will be one of the largest Generative AI-powered Enterprise Search. ensure responses are highly personalized
strategic transformations in Europe. Tech The new offering, Generative AI-Powered to reassure employees that their requests

38 JULY-AUGUST 2023