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: $360m (-11.0%).
Headcount at end Q2 FY24 was 150,604, down 8.1% y/y. The breakdown was:
- IT services: 81,200 (-6.4% y/y)
- BPO: 60,985 (-10.8%)
- Sales & support: 8,419 (-8.1%).
Attrition was 11% (Q2 FY23: 20%). Utilization rate was 86% (Q2 FY23: 85%).
| Vendor | Tech Mahindra |
| Initial currency type (specify local currency used) | US$ |
| Period Ending | 2023-09-30 |
| Growth | -5.1 |
| Revenues ((m) in local currency | 1555 |
| Revenues (in $m at that date) | 1555 |