Conference Call with Tech Mahindra Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
IT Consulting & Software company Tech Mahindra announced Q3FY24 results: Financial Highlights In USD: Revenue at USD 1,573 million; up 1.1% QoQ, down 5.7% YoY Revenue up by 1.1% QoQ, declined by 5.4% YoY in constant currency terms EBITDA at USD 138 million; up 6.4% QoQ, down 47.1% YoY; Margin at 8.8%, up 40 bps QoQ Profit after tax (PAT) at USD 61 million; up 3.0 % QoQ, down 61.0 % YoY Free cash flow at USD 228 million In INR: Revenue at Rs 13,101 crore; up 1.8% QoQ, down 4.6% YoY EBITDA at Rs 1,146 crore; up 6.9% QoQ, down 46.5% YoY Consolidated PAT at Rs 510 crore; up 3.4% QoQ, down 60.6% YoY Earnings per share (EPS) at Rs 5.8 Workforce Data Total Headcount: 1,46,250, a decrease from the previous quarter's 1,50,604. Attrition Rate: Long Term (LTM) attrition in IT reported at 17%. Mohit Joshi, Managing Director & Chief Executive Officer, Tech Mahindra, said, "The quarter was a mixed outcome, with growth in the Manufacturing and Healthcare segments but muted spending in areas like Communications, BFSI, and Hi-tech. While this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation." Rohit Anand, Chief Financial Officer, Tech Mahindra, said, "This year has given us the opportunity to step back and review our portfolio. We are confident that these actions will help us correct our course and deliver value in the long term. We are encouraged by the robust cash conversions this year, and we hope to continue this rigor in other operational areas as well." Result PDF