Bengaluru, April 25, 2024: Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions tenterprises across industries announced the audited consolidated financial results for its quarter and year ended March 31, 2024.

Financial highlights for the quarter (USD)

• Revenue at USD 1,548 mn; down 1.6% QoQ, down 7.2% YoY
• Revenue declined by 0.8% QoQ, by 6.4% YoY in constant currency terms
• EBITDA at USD 169 mn; up 22.9% QoQ, down 31.1% YoY; Margin at 10.9%, up 220 bps QoQ
• Profit after tax (PAT) at USD 79 mn; up 29.5% QoQ, down 41.5% YoY
• Free cash flow at USD 129 mn

Financial highlights for the quarter (₹)

• Revenue at ₹ 12,871 Crore; down 1.8% QoQ, down 6.2% YoY
• EBITDA at ₹ 1,408 Crore; up 22.8% QoQ, down 30.3% YoY
• Consolidated PAT at ₹ 661 Crore; up 29.5% QoQ, down 40.9% YoY
• Earnings per share (EPS) at ₹ 7.45

Financial highlights for the year (USD)

• Revenue at USD 6,277 mn; down 5.0% YoY
• Revenue declined by 4.7% YoY in constant currency terms
• EBITDA at USD 599 mn; down 39.5% YoY; Margin at 9.6%, down 550 bps YoY
• Profit after tax (PAT) at USD 284 mn; down 52.2% YoY
• Free cash flow at USD 676 mn

Financial highlights for the year (₹)

• Revenue at ₹ 51996 Crore; down 2.4% YoY
• EBITDA at ₹ 4965 Crore; down 38.2% YoY
• Consolidated PAT at ₹ 2358 Crore; down 51.2% YoY
• Earnings per share (EPS) at ₹ 26.58

Other Highlights

• Total headcount at 145455 down 795 QoQ;
• Cash and Cash Equivalent at INR 7912 Crore as of March 31, 2024

Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, “As we step intFY'25, we look forward timprovement in clients spending, which fuels our optimism for a better revenue performance ahead. Our unique ability tenable customers with transformative scale at unparalleled speed differentiates us from competitors. FY'24 posed its fair share of challenges for the IT services sector; yet, amidst the global economic uncertainties, we continue tobserve a notable push towards digital adoption.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said,“With another quarter of robust cash generation, we have reported improvement in deal wins and operating margins in Q4FY’24, which has enabled consistent dividend distribution. We are confident that our actions will lead tsteady earnings growth in the coming years. We will continue tfocus on operational excellence and cost savings tdeliver superior shareholder returns.”

Key Wins

• Tech Mahindra was selected by a Sweden headquartered global Fintech bank tprovide customer experience and support services for its clients across Europe, the Americas, and the ANZ region. This deal alsresulted in Tech Mahindra establishing a new delivery centre in the region, further expanding the company’s footprint in the fast-growing Nordic market.
• Tech Mahindra was selected by an Australian telecommunications company ttransform its business processes across multiple service lines, including customer operations and experience, complex enterprise operations, back office and support operations, through the deployment of intelligent automation and new-age customer experience technologies.
• Tech Mahindra was selected by a European global marine and energy tech manufacturing organisation tdeliver Infrastructure and Cloud Services. Tech Mahindra will provide Digital Workplace Services & DaaS for the customers’ global workforce, End User Services, SIAM, Service Desk and ICT Production Services, and Cloud Excellence Services.

Business Highlights

• Tech Mahindra and Indosat OoredoHutchison (Indosat or IOH) signed a Memorandum of Understanding (MoU) tbuild 'Garuda,' a Large Language Model (LLM) tpreserve Bahasa Indonesia, the official and national language of Indonesia and its dialects. Garuda will be built on the principles of Tech Mahindra's indigenous LLM 'Project Indus', a foundational model designed tconverse in a multitude of Indic languages and dialects. The partnership will create multiple use cases and enable Indosat's customers tleverage various applications, including customer support, experience, and content creation across industries.
• Tech Mahindra signed a strategic partnership with Etihad Etisalat (Mobily), a leading TMT company in Saudi Arabia, tdeliver best-in-class loyalty programs for its individual and business customers. Focused on elevating customer loyalty programs, the partnership will deploy Comviva's GenAI-powered next-generation MobiLytix™ Rewards trevamp Mobily’s Neqaty loyalty program. The partnership will alsprovide gamification, digital marketing technology, and advanced business analytics texecute high-impact loyalty marketing programs for Mobily’s customers.
• Tech Mahindra and Pegatron, a global leader in technology and electronics manufacturing, signed a Memorandum of Understanding (MoU) tdevelop private 5G solutions for global enterprises. The partnership will explore mutually beneficial opportunities in the fast-growing private 5G space, positioning it as a catalyst for business growth, by leveraging the purpose-built private 5G product portfolimarketed under Pegatron’s 5G business unit, combined with Tech Mahindra's proven expertise in large-scale 5G transformations.
• Tech Mahindra announced the opening of a Synergy Lounge in collaboration with IBM taccelerate digital adoption for enterprises in the APAC region. Located at Tech Mahindra's campus in Singapore, the Lounge will assist enterprises in operationalising and deriving value from next-gen technologies, including AI, Intelligent Automation, Hybrid Cloud, 5G, Edge Computing, Cybersecurity, among others. The Lounge will be open tenterprises worldwide texplore joint solutions, test prototypes and proof of value (PoV) designed tdrive innovation across industries.
• Tech Mahindra announced a strategic partnership with Competera, a US headquartered pioneer in AI-powered pricing technologies company that enables retailers tset and maintain optimal pricing in real-time. The partnership will provide retailers with swift and efficient deployment of price optimisation solutions using Competera’s AI pricing platform combined with Tech Mahindra’s comprehensive end-to-end business engineering services, including consulting, integration, customisation, and product support, empowering them tincrease bottom-line metrics and foster brand loyalty.
• Tech Mahindra announced the launch of i.Riskman, an ESG risk assessment platform designed tidentify, assess, and manage climate-related risks. i.Riskman is a centralised platform for enterprise risk management that offers an automated risk register as a point of reference for the risk management committee and the board. It is designed tbe flexible, agile, and scalable, adapting tevolving and expanding risks. Additionally, the platform will empower customers with real-time analysis, access tthe latest climate models, advanced data visualisation, and analytics.
• Tech Mahindra announced a strategic partnership with TOTSCtdesign, build and operate a message-exchange platform for the UK telecom industry. The platform built with a state-of-the-art cloud-native architecture ensures security, robustness, and scalability, allowing consumers tseamlessly switch telecom service providers and take advantage of the range of available services. TOTSCHub will utilise Comviva’s BlueMarble Business Support System (BSS) platform and WSO2's API Management and Integration software for Communication Provider (CP) Management. This partnership will support the management of the platform which will facilitate easy integration of delivery and operations teams across multiple domains such as business, IT, infrastructure, and security.
• Tech Mahindra signed a strategic partnership with Proximus, Belgium's leading digital services and communications solutions provider tjointly design and build a technology platform, ‘Tech Hub’ that will provide next-generation connectivity offerings for business-to-consumer (B2C), business-to-business (B2B), and business-to-business-to-any (B2B2X) segments. With the new platform, consumers and businesses will be able texplore, purchase, and activate the services from Proximus as well as their partner ecosystem with self-service options and take advantage of the range of next-generation digital offerings.

Awards and Recognitions

• Tech Mahindra was recognised amongst the ‘Best Organizations for Women 2024’ by ET NOW.
• Tech Mahindra was listed in the CDP Supplier Engagement Leaderboard 2023 and recognised as the only Indian Company thave received the 'A' score for Transparency, in both, Climate Change and Water Security by CDP.
• Tech Mahindra is the only Indian IT company tbe included in the top 5% of global sustainable companies and a member of S&P Global Yearbook 2024 for the 9th consecutive year.
• Tech Mahindra was recognised as ‘ESG Champion of India 2024’ in the Software & IT Services sector by Dun & Bradstreet.
• Tech Mahindra was classified as a “Low Risk” entity and included in Morningstar Sustainalytics 2024 Top ESG rated companies list.

Analyst Ratings & Recognitions

• Tech Mahindra won the most number of Standouts in the 2023 ISG Case Study Research.
• Tech Mahindra recognised as a Leader in the Retail IT Services PEAK Matrix® Assessment 2024 by Everest.
• Tech Mahindra recognised as a Leader in the Procurement Services 2024 - Global - Direct Procurement Enablement and Modernisation Services quadrant by ISG.
• Tech Mahindra recognised as a Leader in NelsonHall CX Services Transformation 2024 NEAT (Overall), quadrant by Nelson Hall.
• Tech Mahindra recognised by HFS Research as a Market Leader in HFS Horizons: Customer Experience Service Providers, 2024 report.

About Tech Mahindra

Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions tglobal enterprises across industries, enabling transformative scale at unparalleled speed. With 145,000+ professionals across 70+ countries helping 1100+ clients, TechM provides a full spectrum of services including consulting, information technology, enterprise applications, business process services, engineering services, network services, customer experience & design services, AI & analytics, and cloud & infrastructure services. It is the first Indian company in the world thave been awarded the Sustainable Markets Initiative’s Terra Carta Seal, in recognition of actively leading the charge tcreate a climate and nature-positive future.

Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies. For more information on how TechM can partner with you tmeet your scale at speed imperatives, please visit https://techmahindra.com

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Disclaimer 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 ttime, makes written and oral forward-looking statements based on information available with the management of the Company and the Company does not undertake tupdate any forward-looking statement that may be made from time ttime by or on behalf of the Company.

Consolidated Financial Statement for the Fourth quarter and Year ended March 31, 2024 drawn under Ind AS