Daily News
View All NewsIndia – IT services firm Tech Mahindra reports revenue up nearly 19%
IT services firm Tech Mahindra Ltd. (TECHM:NSI) reported revenue rose 18.7% in its fiscal third quarter ended 31 December. However, gross margin narrowed at the Pune, India-based firm.
Total headcount rose 3% from the second quarter to a total of 145,067. Headcount is up 19% from the third quarter of the previous fiscal year.
| (INR millions) | Q3 2022 | Q3 2021 | % change | Q3 2022 (USD millions) |
| Revenue | 114,508 | 96,471 | 18.7% | 1,533.5 |
| Gross profit | 34,420 | 31,763 | 8.4% | |
| Gross margin | 30.1% | 32.9% | ||
| Profit after tax | 13,685 | 13,098 | 4.5% |
Tech Mahindra also reported the number of active clients rose by 19.5% year over year to 1,191 in the third quarter.
Among key wins announced in Tech Mahindra’s earnings announcement, the company noted it was selected by a large US-based automotive company to augment its new product design and engineering program support.
Share price and market cap
Shares in Tech Mahindra closed up 1.81% at INR 1,505.75 (USD 20.11) on Tuesday in India; shares were 18.08% below their 52-week high, according to FT.com. The company had a market cap of INR 1.44 trillion (USD 19.2 million).