Tech Mahindra has announced results for its Q2 FY24, ending September 30, 2023:

Q2 FY24:

• Revenues were $1,555m, down 5.1% y/y, down 2.4% CC
• EBIT was $73.1m, a margin of 4.7%, down 6.5 pts y/y.

Q2 FY24 approximate revenue (and y/y growth) by vertical was:

• Communications, media & entertainment: $575m (-11.5%)
• Manufacturing: $277m (+5.7%)
• Technology: $171m (+2.8%)
• BFSI: $250m (-6.3%)
• Retail, transport & logistics: $127m (-4.6%)
• Others: $155m (-2.80%).

Q2 FY24 apprioximate revenue (and y/y growth) by geography was:

• Americas: $829m (-0.5%)
• Europe: $366m (-8.6%)
• Rest of the world: $360m (-11.0%).

Headcount at end Q2 FY24 was 150,604, down 8.1% y/y. The breakdown was:

• IT services: 81,200 (-6.4% y/y)
• BPO: 60,985 (-10.8%)
• Sales & support: 8,419 (-8.1%).

Attrition was 11% (Q2 FY23: 20%). Utilization rate was 86% (Q2 FY23: 85%).