Tech Mahindra’s July-September (Q2) quarter earnings confirmed a pointy decline in revenue after tax (PAT) because the income from the Communications, Media and Leisure (CME) and BFSI segments declined considerably. Key geographical markets additionally noticed a YoY year-on-year) decline in income.
The corporate’s internet new deal wins (TCV) within the quarter stood at $640 million in opposition to $716 million YoY and $359 million in Q1FY24.
Let’s check out 5 key takeaways from the IT main’s Q2 scorecard.
Income
Tech Mahindra’s Q2FY24 consolidated income from operations declined 2 per cent YoY to ₹12,863.9 crore in Q2FY24 in opposition to ₹13,129.5 crore within the year-ago interval.
Within the US greenback phrases, the corporate’s income got here at 1,555 million, down 5.1 per cent YoY and a couple of.8 per cent QoQ (quarter-on-quarter).
Income of the Communications, Media and Leisure (CME) vertical dropped 11.5 per cent YoY whereas the Banking,
Monetary providers and Insurance coverage (BFSI) section’s income fell 6.3 per cent YoY.
Barring Manufacturing (up 5.7 per cent YoY) and Expertise (up 2.8 per cent YoY), income of all key segments dropped on a YoY foundation.
All key geographical markets confirmed a YoY decline in revenues. Europe confirmed an 8.6 per cent YoY decline, Americas confirmed a 0.5 per cent YoY decline and the income from ‘Remainder of the World’ fell 11 per cent YoY.
Additionally Learn: Tech Mahindra Q2 Outcomes Highlights: Internet revenue comes at ₹505.3 crore, dividend declared
Revenue
Consolidated revenue after tax (PAT) for the quarter underneath overview got here at ₹505.3 crore, down 61.1 per cent YoY in opposition to ₹1,299.2 crore in Q2FY23. PAT, in greenback phrases, got here at $59 million, down 29.3 per cent QoQ and 62.5 per cent YoY.
The revenue numbers attributable to the house owners of the corporate got here at ₹493.9 crore in opposition to ₹1,285.4 crore YoY.
EBITDA
In line with the corporate’s trade submitting, Tech Mahindra’s Q2FY24 EBITDA got here at ₹1,072 crore, down 19.9 per cent QoQ and 46 per cent YoY. Within the US greenback phrases, EBITDA got here at $129 million, down 20.5 per cent QoQ and 47.3 per cent YoY. EBITDA margins dropped 190 foundation factors QoQ and 680 foundation factors YoY to eight.3 per cent.
Dividend
The corporate’s board authorized an interim dividend of ₹12 per share of ₹5 every which is 240 per cent of the face worth. The report date for the aim is Thursday, November 2, 2023. The interim dividend shall be paid on Tuesday, November 21, 2023, stated the corporate.
Additionally Learn: Q2 Outcomes: Tech Mahindra proclaims interim dividend of ₹12 per share, know report date
Headcount
Tech Mahindra’s whole headcount in Q2FY24 stood at 1,50,604, up 2,307 QoQ.
Shares of Tech Mahindra dropped 1.16 per cent to shut at ₹1,141.70 on Wednesday.
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Up to date: 25 Oct 2023, 05:24 PM IST
Supply: Live Mint