July 29, 2021

Tech Mahindra Q1’22 Revenues up 14.6%
Q1’22 Profit after tax up 42.2%

Pune – July 29th, 2021: Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter ended June 30, 2021.

Financial highlights for the quarter (USD)

  • Revenue at USD 1383.6 mn; up 4.1% QoQ and 14.6% YoY
    • Revenue growth at 3.9% QoQ in constant currency terms
  • EBITDA at USD 254.3 mn; down 4.4% QoQ, up 47.5% YoY
    • Margins at 18.4%; down 160bps QoQ
  • Profit after tax (PAT) at USD 183.2 mn; up 24.1% QoQ and 42.2% YoY
  • Free cash flow at $ 172.4 mn, conversion to PAT at 94.1%

Financial highlights for the quarter (₹)

  • Revenue at ₹ 10,198 crores; up 4.8% QoQ and 12.0% YoY
  • EBITDA at ₹ 1,876 crores; down 3.7% QoQ, up 44.3% YoY
  • PAT at ₹ 1,353 crores; up 25.1% QoQ and 39.2% YoY

Other Highlights

  • Total headcount at 126,263, up 5209 QoQ
  • Cash and Cash Equivalent at USD 1818.2 mn as of June 30, 2021

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said,

We have witnessed an all rounded performance this quarter with growth across our key markets and industry sectors. We continue to see strong traction in large deal wins as we are helping our customers in integrated digital transformation. Our focus on key technology pillars wrapped around experience-led approach with TechM Nxt.Now will help us to capitalize on the strong demand momentum.

Milind Kulkarni, Chief Financial Officer, Tech Mahindra, said,

We continue to build on our profitability journey and have reported highest ever quarterly Revenue and Profit After Tax this quarter. Delivery Excellence will be a cornerstone in improving our operational and financial metrics, as we look to capitalize on the incremental digital spends over the course of the year.


Key Wins

  • Tech Mahindra has won a deal with a leading UK telecom company for end to end customer experience for both consumer and enterprise businesses.
  • Tech Mahindra has been engaged by one of the largest private healthcare systems in US as a managed service partner for technology transformation.
  • Won a strategic digital assurance deal with an American technology company.
  • Tech Mahindra has been chosen by a Tier 1 US Telco in the data and analytics space for data platform modernization and cloud migration.
  • Tech Mahindra has been chosen by Tier 1 automotive equipment supplier for managed security services and greenfield service desk implementation.
  • Engaged by world's Largest Public Funded Healthcare Program for establishing and managing contact centre operations for COVID vaccination programs.
  • Tech Mahindra has been chosen by an Australian government division as a digital transformation partner.
  • Tech Mahindra has won a deal with one of the largest railroad company in North America for strategic IT modernization leveraging the digital and analytics expertise.
  • Tech Mahindra has been selected by an Asia Pacific energy company for end to end transformation including infrastructure, cloud, cybersecurity services.
  • Tech Mahindra has been engaged by a large bank in Africa for core banking transformation.



Business Highlights

  • Tech Mahindra to launch ‘Stablecoin-As-A-Service’ blockchain solution for global banks and financial institutions with Quantoz, Netherlands-based innovative Blockchain technology application incubator, specialized in building and implementing Blockchain-based solutions.
  • Tech Mahindra has joined the 1.5°C Supply Chain Leaders to reduce its greenhouse gas emissions across the full value chain.
  • Tech Mahindra and Rajasthan Royals, inaugural IPL (Indian Premier League) champions, have partnered to build on fan loyalty and fan monetization. This collaboration aims to derive three times the value from a loyal fan base using Tech Mahindra’s digital platform powered by next generation technologies.
  • Tech Mahindra has launched ServiceNow Business Unit to accelerate digital transformation for customers globally. It is focused on delivering innovative industry solutions for key verticals like Telecommunications, Media and Entertainment and Energy & Utility.
  • Tech Mahindra has announced partnership with TAC Security, the global leader of risk & vulnerability management, to enable next-generation enterprise security for customers globally.
  • Tech Mahindra foundation, the CSR (Corporate Social Responsibility) arm of Tech Mahindra announced its support to Mission Oxygen, an initiative by Democracy People Foundation, to ensure last mile delivery of oxygen supply across India. The partnership will strive to ensure that hospitals, nursing homes and medical care facilities, especially in tier-2 cities, get immediate access to oxygen.
  • Tech Mahindra is partnering with many of its global customers to collectively drive the COVID-19 support movement in India.
  • Tech Mahindra has announced a partnership with the International Chess Federation for creating the Global Chess League together. The competition will be established as a first-of-its-kind “phygital” (physical and digital) league, engaging players from all levels – professional or otherwise.
  • Tech Mahindra has announced its support to #OxygenForIndia, a volunteer-run organization put together by the Center for Disease Dynamics, Economics & Policy (CDDEP), to deploy 3,000 oxygen concentrators and 40,000 oxygen cylinders to help resolve the oxygen crisis in India.

Awards and Recognitions

  • Tech Mahindra has received the Golden Peacock HR excellence award.
  • Tech Mahindra has been recognized amongst the top 10 trusted big data analytics companies in India 2021 - 2022 by TopAppDevelopmentCompanies.com.
  • Tech Mahindra has won 2 Awards at SAP Partner Summit-
    • INDIA Best GSSP Partner of the Year &
    • Best Customer Experience Partner at SAP India Partner Summit.
  • Tech Mahindra has been recognized as ‘Leader of the Year’ by CEO Today Magazine Middle East Awards 2021.
  • Tech Mahindra’s CEO, CP Gurnani has been recognized as 'Inspiring CEO 2021' by the Economic Times.
  • Tech Mahindra has been recognized among the Economic Times Iconic Brands 202.
  • Tech Mahindra has emerged as a winner of NASSCOM Engineering &Innovation Excellence Awards 2021 for Service Delivery Excellence & Next-Gen Products; for its projects on Vehicle Top Hats & Distributed Ledger DnD.

About Tech Mahindra

Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates and the society to Rise. We are a USD 5.1 billion organization with 126,200+ professionals across 90 countries helping 1058 global customers, including Fortune 500 companies. We are focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.  Tech Mahindra is one of the fastest growing brands and amongst the top 15 IT service providers globally. Tech Mahindra has consistently emerged as a leader in sustainability and is recognized amongst the ‘2021 Global 100 Most sustainable corporations in the World’ by Corporate Knights. With the TechM NXT.NOW framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for our ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrow’s experiences today, and believes that the ‘Future is Now’.

We are part of the Mahindra Group, founded in 1945,  one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise. 

Connect with us on www.techmahindra.com

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For Further Queries:

Kaustubh Vaidya

Head – Investor Relations
Phone: +91 98208 91860
Email: kaustubh.vaidya@techmahindra.com

Kavya Bagga

Investor Relations
Phone: +91 70660 07951
Email: kavya.bagga@techmahindra.com


Abhilasha Gupta

Head - Corporate Communications & Public Affairs
Phone: +91 97179 46080
Email: abhilasha.gupta@TechMahindra.com

Kanika Vats

Corporate Communications & Public Affairs:
Phone: +91 98993 21495
Email: kanika.vats@techmahindra.com




Certain statements in this release concerning the future prospects of Tech Mahindra Limited (“the Company” or “TechM”) are forward-looking statements. These statements by their nature involve risks and uncertainties that could cause Company’s actual results differ materially from such forward-looking statements. The Company, from time to time, makes written and oral forward-looking statements based on information available with the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.  

Audited consolidated financial for the first quarter ended June 30, 2021 drawn under Ind AS

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