Tech Mahindra reports 92.6% YoY growth in PAT to Rs. 983 crores PAT margin expansion of 350 bps YoY New Deals TCV grew by 95.4% YoY to USD 745 Mn

Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries announced the audited consolidated financial results for its quarter ended December 31, 2024.

* Operational PAT – excludes exceptional item of land sale proceeds in Q2’25 

Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, “We see an improved rate of deal wins in our key verticals and priortised markets. This coupled with consistent expansion in operating margins, despite cross-currency headwinds during the quarter, reaffirms that we are on track to achieve our long-term goals.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “We delivered growth in EBIT margin and operating PAT, both on a sequential and year-on-year basis, resulting from our targeted actions under Project Fortius, along with steady increase in new deal wins, across prioritised verticals and markets. Our continued focus on optimising working capital management has resulted in generation of robust free cashflow.”

Key Wins

• Tech Mahindra won a new logo with one of the largest telecom operators in Europe, by being a strategic partner focused on delivering consolidation and accelerated transformation of the key domains of their Digital, IT and Network ecosystem.
• Tech Mahindra was selected by a large German Telco to support their technology domains across Network, IT, and Service Operations, driving autonomous operations using GenAI driving modernization of operating technology domains through establishment of a focused operations excellence center.
• Tech Mahindra was selected by a global leading Hi-Tech and Mobile company for the end-to-end data services, beginning from data collection to data engineering and release including QA, Automation for their key flagship consumer and enterprise product, helping them gain a competitive edge and deliver an immersive experience differentiated by AI.
• Tech Mahindra won a managed services deal from a leading European auto-maker for supporting their IT landscape covering every aspect of their business operations by leveraging our ADMS and Cloud & Infra Services capabilities.
• Tech Mahindra was awarded a Global Managed Network as a Service (NaaS) deal by a Europe based and one of the largest chemical producers in the world. TechM to leverage its comprehensive capabilities in Network Services across Americas, EMEA, APAC & China.
• Tech Mahindra was selected by one of the largest Telco in Canada to provide frontline Customer Experience services helping client achieve operational efficiencies, while providing enhanced services for its customers by leveraging TechM’s BPS capabilities.

Business Highlights

• Tech Mahindra announced the launch of TechM agentX—a comprehensive suite of GenAI-powered solutions designed to drive intelligent automation and enhance efficiency for enterprises globally. Through these solutions, enterprises can automate complex business, IT, and data tasks, improving productivity by up to 70%.
• Tech Mahindra announced the establishment of Centers of Excellence (CoE) powered by NVIDIA platforms to drive advancements in sovereign large language model (LLM) frameworks, agentic AI, and physical AI. Based on the TechM’s Optimised Framework, the CoE leverages the NVIDIA AI Enterprise software platform — including NVIDIA NeMo, NVIDIA NIM microservices and NVIDIA RAPIDS — to offer customised, enterprise-grade AI applications to help clients adopt agentic AI in their businesses. The CoE also uses the NVIDIA Omniverse platform to develop connected industrial AI digital twins and physical AI applications across various sectors and industries. The CoEs are located within TechM’s Makers Lab’s at Pune and Hyderabad.
• Tech Mahindra signed a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to develop an Autonomous Networks Operations Platform (ANOP). The platform is built on AI-ML and GenAI services powered by AWS, enabling customers to transition their network operations from an on-premises infrastructure to a real-time proactive and preventive model operating on a hybrid cloud empowering businesses to enhance Network Operations Center (NOC) productivity for teams managing physical and cloud infrastructure by more than 50%, reducing field visits by over 15%, shortening Mean Time to Repair (MTTR) for network and service incidents by more than 30%, and accelerating the implementation of network and service configurations, achieving improvements of over 30% in speed and efficiency.
• Tech Mahindra has collaborated with Universal Scientific Industrial (Shanghai), USI, a global leader in electronic design and manufacturing and in SiP (System-in-Package) technology, to establish USI’s first Engineering Offshore Development Center in India to accelerate innovation in smart device engineering. The collaboration will provide scalable solutions, accelerate time-to-market, and deliver innovative advancements to drive the future of connected devices, additive manufacturing, connected vehicles, and augmented and virtual reality.
• Tech Mahindra announced integration with ServiceNow to drive enterprises into the GenAI era with One E2E Platform, an end-to-end enterprise service management solution. The platform will enable businesses to enhance operational efficiency and competitiveness by integrating GenAI capabilities into their business-critical processes and modernizing infrastructure to be future-ready by combining TechM’s global domain expertise with capabilities from the ServiceNow platform.
• Tech Mahindra and ColorTokens Inc., the leading global enterprise microsegmentation company, advanced their partnership by launching "Breach Ready" microsegmentation solutions. Built on ColorTokens' industry-leading microsegmentation platform widely recognised for its innovative approach to building cyber resilience and strengthening cyber defense based on Zero Trust security architecture, the solutions aim to enhance cybersecurity posture for global enterprises across industries.

Awards and Recognitions

• Tech Mahindra received Bombardier’s Diamond Supplier certification for the third time, recognising TechM’s outstanding operational performance, dedication to upholding high-quality standards, and innovative aerospace engineering services offered to Bombardier facilities worldwide.
• Tech Mahindra recognised as “Trailblazer Supplier of the Year” at Cisco’s Annual Supplier Day 2024, acknowledging TechM’s relentless pursuit of innovation and excellence in delivering cutting-edge solutions that empower Cisco to achieve its digital transformation goals in an evolving business landscape.
• Tech Mahindra recognised for the Best Mobile Banking App - under the vendor category by The Digital Banker Global Retail Banking Innovation Awards 2024, highlighting TechM's outstanding contributions to the digital transformation of lending and collections business, in both consumer and commercial loans.
• Tech Mahindra recognised amongst ‘Best Brands of 2024’ in India by ET NOW.
• Tech Mahindra recognised amongst ‘Progressive Places to Work 2024' by ET NOW.
• Tech Mahindra ranked 1^st in India and 2^nd globally, with a score of 88 and a 100 percentile in Dow Jones Sustainability Index (DJSI) 2024.
• Tech Mahindra included in the DJSI World Index and DJSI Emerging Markets for the tenth consecutive year.

Analyst Ratings & Recognitions

• Tech Mahindra positioned as a Leader in Everest Group Quality Engineering (QE) Services for AI Applications and Systems PEAK Matrix® Assessment 2024
• Tech Mahindra positioned as a Leader in Multi Public Cloud Services 2024-Consulting and Transformation Services — Midmarket-Nordics, Midmarket-U.K, and Midmarket-U.S by ISG
• Tech Mahindra positioned as a Leader in Multi Public Cloud Services 2024-Managed Services — Midmarket-Nordics, Midmarket-U.K and Midmarket-U.S by ISG
• Tech Mahindra positioned as a Leader in Intelligent Automation Services ISG Provider Lens-2024-Artificial Intelligence for IT Operations (AIOps)- Europe & US by ISG
• Tech Mahindra positioned as a Leader in Intelligent Automation Services ISG Provider Lens-2024-Intelligent Enterprise Automation- US by ISG
• Tech Mahindra positioned as a Leader in Intelligent Automation Services ISG Provider Lens-2024-Next-Gen Automation- US by ISG
• Tech Mahindra positioned as a Leader in Advanced Analytics and AI Services 2024-Data Science and AI Services - Large- US by ISG
• Tech Mahindra positioned as a Leader in Advanced Analytics and AI Services 2024-Data Modernization Services - Large- US by ISG
• Tech Mahindra positioned as a Leader in Advanced Analytics and AI Services 2024-Advanced BI and Reporting Modernization Services - Large- US by ISG
• Tech Mahindra positioned as a Leader in Everest Group Experience-Driven Integrated BFS Operations PEAK Matrix® Assessment 2024
• Tech Mahindra positioned as a Leader in Telecom, Media and Entertainment Industry Services 2024-Strategy and Enablement Services-EMEA and North America by ISG
• Tech Mahindra positioned as a Leader in Telecom, Media and Entertainment Industry Services 2024 -Telecom Managed and Next-Gen IT Services-EMEA and North America by ISG
• Tech Mahindra positioned as a Leader in Telecom, Media and Entertainment Industry Services 2024 -Intelligent Business Process Management (iBPM) Services-EMEA and North America by ISG
• Tech Mahindra positioned as a Leader in Insurance Services 2024-Insurance ITO Services-Europe, Midmarket-Europe, Midmarket Next-Gen-Europe, Midmarket-North America and Midmarket Next-Gen-North America by ISG
• Tech Mahindra positioned as a Horizon 3- Market Leader in HFS Horizons: Healthcare Payer Service Providers, 2024 by HfS
• Tech Mahindra positioned as a Leader in Oracle Cloud and Technology Ecosystem 2024 -Consulting and Advisory Services- Europe by ISG
• Tech Mahindra positioned as a Leader in Oracle Cloud and Technology Ecosystem 2024 -Implementation and Integration Services-Europe by ISG
• Tech Mahindra positioned as a Leader in Oracle Cloud and Technology Ecosystem 2024 -Managed Services-Europe by ISG
• Tech Mahindra positioned as Leader in Oil and Gas Industry- Services and Solutions 2024-Next-Gen IT/OT Services-North America by ISG
• Tech Mahindra positioned as Leader in Oil and Gas Industry- Services and Solutions 2024-Data Management and Cloud Computing-North America by ISG
• Tech Mahindra positioned as Leader in Power & Utilities Services 2024 -Next-Gen IT Services-Europe and North America by ISG
• Tech Mahindra positioned as Leader in Power & Utilities Services 2024 -Intelligence Business Process Management Services (iBPMS)-North America by ISG
• Tech Mahindra BPS recognised by Quadrant Knowledge Solutions (QKS Group) as Leader in SPARK Matrix: BPO Supply Chain Management Services (SCMS), Q4, 2024
• Tech Mahindra Positioned as the Leader in the 2024 SPARK Matrix™ for Finance, Accounting and BPO 2024 by QKS Group

Consolidated Financial Statement for the third quarter ended December 31, 2024 drawn under Ind AS

About Tech Mahindra

Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions to global enterprises across industries, enabling transformative scale at unparalleled speed. With 150,000+ professionals across 90+ countries helping 1100+ clients, Tech Mahindra provides a full spectrum of services including consulting, information technology, enterprise applications, business process services, engineering services, network services, customer experience & design, AI & analytics, and cloud & infrastructure services. It is the first Indian company in the world to have been awarded the Sustainable Markets Initiative’s Terra Carta Seal, which recognizes global companies that are actively leading the charge to create a climate and nature-positive future. Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies. For more information on how TechM can partner with you to meet your Scale at Speed^™ imperatives, please visit https://www.techmahindra.com/