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Tech Mahindra Announces Q2 FY23 Revenues Up 11% (Up 17% in CC) to $1,638m

Financial Results

by Dominique Raviart

published on Nov 01, 2022

Tech Mahindra has announced its Q2 FY23, the period ending September 30, 2022:

Q2 FY23:

  • Revenues were $1,638m, up 11.2% y/y and 16.8% CC
  • EBIT was $177.2m, a margin of 11%, down 4.2 pts y/y.

Q2 FY23 NH revenue estimate (and y/y revenue growth) by vertical was:

  • Communications, media & entertainment: $650m (+10.3%)
  • Manufacturing: $262m (+11.1%)
  • Technology: $165m (+25.5%)
  • BFSI: $267m (+11%)
  • Retail, transport & logistics: $133m (+16.4%)
  • Others: $161m (+0.%).

Q2 FY23 NH revenue estimate (and y/y revenue growth) by geography was:

  • Americas: $832m (+18.4%)
  • Europe: $401m (+5.1%)
  • Rest of the world: $405m (+4.4%).

Headcount at the end of Q2 FY23 was 163,912 up 16.1% y/y. The breakdown was:

  • Software professional: 86,776 (+13% y/y)
  • BPO professionals: 68,388 (+19.9%)
  • Sales & support: 8,748 (+19.3%).

Attrition was 20% (Q2 FY22: 21%). Utilization rate was 85% (Q2 FY22: 87%).

VendorTech Mahindra
Initial currency type (specify local currency used)US$
Period Ending2022-09-30
Growth11.4
Revenues ((m) in local currency1638
Revenues (in $m at that date)1638

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