Tech Mahindra reported a 23 per cent year-on-year jump in net profit at ₹851 crore for the first quarter of 2024-25, as against ₹692 crore reported in the same previous period.
Sequentially, the company reported a 28.8 per cent jump in profit, from ₹661 crore in Q4FY24.
Revenue for the quarter at ₹13,005 crore was down 1.2 per cent year-on-year (₹13,159 crore). However, revenue grew by 1 per cent on a quarter-on-quarter basis from ₹12,871 crore reported in Q4FY24.
Margins were up by 1.9 percentage points to 12 per cent for the quarter, the company said on Thursday.
CEO and MD Mohit Joshi said: “It is encouraging to see positive momentum in most industry verticals, which has led to revenue growth and margin expansion in an otherwise seasonally weak quarter. We continue to focus on execution and are on track to achieve our stated goals for FY27.”
Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “The Q1 results are a positive start, both for the current turnaround year, as well as for our medium-term strategy. Our focus continues to be on investing in the business for long-term sustainable performance.”
Key geographies of the Americas and Europe continued to see a year-on-year decline of 0.6 per cent and 7.3 per cent, respectively. In Q1FY25 the revenue percentage of the Americas was 52.4 per cent, and Europe 23.4 per cent, respectively.
Ahead of street estimates, the firm secured deal wins worth $534 million, up from the last quarter, where the TCV value of total deal wins was $500 million.
Attrition was at 10 per cent, the same as in the last quarter. IT utilisation was stable at 86 per cent on a quarter-on-quarter basis.