Tech Mahindra reports $1.24 billion revenue for Q1 2019

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Staff Report

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business reengineering services has announced the audited consolidated financial results for its first quarter ended June 30, 2019.

The company reported revenue at $1,247.1 mn; up 1.9% YoY; Revenue growth at 3.7% in constant currency terms; Digital revenues grew 37.4% YoY, at 36% of Revenues; EBITDA at $190.0 mn; down 4.8% YoY; Consolidated Profit after tax (PAT) at $138.7 mn, up 5.2% YoY.

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra said, “We are very encouraged to see TCV deal wins worth close to half a billion USD 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.”

Manoj Bhat, Chief Financial Officer, Tech Mahindra said, “Business seasonality has affected revenue and margins this quarter. Our focus on automation and AI will help realize operational efficiencies as we look to accelerate growth through the year.”

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%.

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

• Tech Mahindra inaugurates Technology Center 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 customized digital banking solution to financial institutions globally by providing data-driven analytics of user behavior.

• 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. – abdulbasit@theuaenews.com