Tech Mahindra Q2FY22 Results: Consolidated profit slips marginally by 1% QoQ – check highlights here

Information and Technology major Tech Mahindra has reported strong numbers on a year-on-year (YoY) basis, however, the numbers were muted on a quarter-on-quarter (qoq) basis during the second quarter of the financial year 2021-22 (Q2FY22). The company announced its result through a filing on exchanges.

Tech Mahindra’s consolidated PAT (profit after tax) grew by 25.8 per cent YoY and declined marginally over 1 per cent to Rs 1,339 crores in the July-September quarter of FY22; While it revenue jumped on both QoQ and YoY basis that is up 6.7 and 16.4 per cent respectively to Rs 10,881 crores in Q2FY22.

See Zee Business Live TV Streaming Below:

The company reported 6.4 per cent QoQ and 16.4 per cent YoY growth in the Q2 revenue in dollar terms at $1472.6 million; while in constant currency terms revenue growth company posted 7.2 per cent QoQ growth.

Similarly, its EBITDA (earnings before interest, taxes, depreciation, and amortization) came at Rs 1,995 crores; up 6.3 and 17.2 per cent QoQ and YoY basis respectively; while the margin remained unchanged on a sequential basis to 15.2 per cent, Tech Mahindra said in the earnings statement.

The company’s Board has also proposed a special dividend of Rs 15 per share (300%), while the total headcount grew by 14,930 QoQ to 1,41,193, and it has cash and cash equivalent at $ 1626 million as of September 30, 2021, according to its results statement.

Along with results, Tech Mahindra also announced the acquisition of Lodestone, a leading digital engineering quality assurance provider for new age digital companies. The acquisition will bolster Tech Mahindra’s digital engineering capabilities to effectively utilize data strategy and address machine learning challenges, the company said in a release.

Other Highlights

- Tech Mahindra has won a multi-year strategic deal with a fortune 500 company in personal care for transforming its global applications and digitizing the core.

- Tech Mahindra has been chosen by a fortune 4 organization in the Healthcare & retail spacento design, build & transform Virtual Apps & Desktops platform in Cloud.

- Tech Mahindra has launched a dedicated Google Cloud Business Unit to accelerate cloud adoption for enterprises globally.