Tech Mahindra has reported revenue of $1,567 million, down 1.3 percent QoQ and 0.4 percent YoY, for the quarter ended December 31, 2024.
The company’s EBITDA was USD 213 million, reflecting a 2.0 percent QoQ increase and a 54.7 percent YoY rise. The EBITDA margin stood at 13.6 percent, up 40 bps QoQ and 480 bps YoY. Profit after tax (PAT) was USD 116 million, with operational PAT up 9.9 percent QoQ and 88.5 percent YoY. The PAT margin was 7.4 percent, and the operational PAT margin improved by 80 bps QoQ and 350 bps YoY.
The company’s total headcount was 150,488, down 3,785 QoQ but up 4,238 YoY, with LTM IT attrition at 11.2 percent.
Tech Mahindra CEO Mohit Joshi emphasized the improved deal wins and consistent margin expansion. Tech Mahindra did not reveal its AI related revenue.
Tech Mahindra CFO Rohit Anand highlighted the company’s focus on targeted actions and working capital management.
Tech Mahindra’s revenue contributions by industry verticals include Communications at 32.5 percent, Manufacturing at 16.8 percent, Hi-Tech and Media at 14.3 percent, Banking, Financial Services & Insurance at 16.1 percent, Retail, Transport & Logistics at 8.1 percent, and Healthcare & Life Sciences at 7.7 percent.
Geographically, 50.8 percent of revenue came from the Americas, 23.6 percent from Europe, and 25.6 percent from the Rest of the World.
The company achieved new deal wins with a total contract value (TCV) of USD 745 million. It has 1,175 active clients. Among these, 540 clients contribute over $1 million, 191 clients over $5 million, 104 clients over $10 million, 61 clients over $20 million, and 25 clients over $50 million.
Tech Mahindra’s total headcount is 150,488, with 80,865 software professionals, 61,053 BPS professionals, and 8,570 in sales and support.
Tech Mahindra introduced TechM agentX, a GenAI-powered suite of solutions aimed at automating business, IT, and data tasks, boosting productivity by up to 70 percent. The company also launched Centers of Excellence (CoE) powered by NVIDIA platforms, focusing on large language models, agentic AI, and physical AI applications, with locations in Pune and Hyderabad.
Additionally, Tech Mahindra signed a multi-year Strategic Collaboration Agreement with Amazon Web Services (AWS) to develop an Autonomous Networks Operations Platform (ANOP), leveraging AI-ML and GenAI services to optimize network operations.
The company has partnered with Universal Scientific Industrial (Shanghai) to establish an Engineering Offshore Development Center in India, accelerating innovation in smart device engineering. It also integrated with ServiceNow to offer enterprise service management solution, enhancing operational efficiency with GenAI capabilities.
Furthermore, Tech Mahindra and ColorTokens Inc. launched “Breach Ready” microsegmentation solutions to improve cybersecurity for global enterprises.
