Gate News message, April 23 — Tech Mahindra reported a 16% year-on-year rise in net profit to 13.5 billion Indian rupees ($145 million) for the March quarter, though the result fell short of analyst estimates of 14.3 billion rupees ($153 million). Revenue climbed 12.6% to 150.8 billion rupees ($1.61 billion), beating the forecast of 148.4 billion rupees ($1.59 billion), while margins improved.
Quarter-on-quarter, profit surged 20.7% and revenue increased 4.7%. The company attributed the growth to large deal wins and expansion in communications, banking and financial services (BFSI), and technology, media, and entertainment sectors.
The results mark an early milestone in Tech Mahindra’s “Vision 2027” turnaround plan, launched after consolidated net profit fell 41% in the prior period. The three-year roadmap targets a 15% EBIT margin by fiscal 2027 and aims for revenue growth above the peer average among India’s top six IT services players. The plan divides into three phases: fiscal 2025 as the investment phase, fiscal 2026 for stabilization, and fiscal 2027 targeting industry-standard margins and outpaced peer growth.
Tech Mahindra’s workforce headcount fell by 1,559 from a year earlier, reflecting tighter operational efficiency. The company is also participating in India’s national AI mission, helping develop an indigenous sovereign one-trillion-parameter large language model. The Indian IT services sector faces long-term growth headwinds of 4% to 5% amid global economic uncertainty and AI-driven pricing pressure.
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