Tech Mahindra reported US Dollar revenue of $1,625 million during the March quarter, growing 0.9% on a sequential basis. A CNBC-TV18 poll had pegged the figure at $1,624 million.
Revenue in rupee terms stood at ₹15,076 crore, marginally higher than the CNBC-TV18 poll of ₹14,804 crore. On a quarter-on-quarter basis, the rupee revenue grew by 4.7%.
On a constant currency basis, Tech Mahindra’s growth stood at 0.6% sequentially, in-line with the CNBC-TV18 poll of 0.5%.
Earnings Before Interest and Tax (EBIT) stood at ₹2,084 crore, in-line with the CNBC-TV18 poll estimate of ₹2,035 crore, while EBIT margin expanded to 13.8%, a 70 basis points expansion from the 13.1% figure reported in the December quarter. The CNBC-TV18 poll had pegged the figure at 13.7%.
Deal wins for the quarter stood at more than $1 billion with new deal wins at $1,073 million, up 34.5% from the same quarter last year. However, on a sequential basis, the new deal wins were down 2.1%.
Tech Mahindra’s board has also approved a dividend of ₹36 per share, which is subject to approval from shareholders.
CEO Mohit Joshi said that the company remains focused on scaling with discipline and that they are on track to deliver on their commitments for FY27.
Shares of Tech Mahindra have seen a sharp recovery from the lows of the day, currently trading 0.9% lower at ₹1,485.9. The stock had declined as much as 6.5% ahead of the results announcement, in-line with the sell-off seen in other IT stocks, courtesy of the selling seen in HCLTech after its March quarter earnings miss.
