Tech Mahindra Q4’23 Revenue up 19.4% YoY

Pune – April, 2023.

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter and year ended March 31st, 2023.

Financial highlights for the Year (USD)
  • Revenue at USD 6,607 mn; up 10.1% YoY
  • EBITDA at USD 990 mn; down 8.0% YoY;
    • Margins at 15.1%; down 290bps YoY
  • Profit after tax (PAT) at USD 595 mn; down 20.3% YoY
  • Free cash flow at $ 497 mn, conversion to PAT at 84%
Financial highlights for the year (₹)
  • Revenue at ₹ 53,290 crores; up 19.4% YoY
  • EBITDA at ₹ 8,029 crores; up 0.1% YoY;
    • Margin at 15.1%; down 290 bps YoY
  • Profit after tax (PAT) at ₹ 4,832 crores; down 13.2% YoY
  • Earnings per share (EPS) was at ₹ 54.57
  • The Board has recommended a Final Dividend of ₹ 32/- per share, taking Total Dividend for FY23 to  ₹ 50/- per share.
  • Free Cash flow of  ₹ 4,002 Crore
Financial highlights for the quarter (USD)
  • Revenue at USD 1,668 mn; flat QoQ, up 3.7% YoY
    • Revenue growth at 0.3% QoQ in constant currency terms
  • EBITDA at USD 245 mn; down 5.7% QoQ, down 11.0% YoY, Margin at 14.7%; down 90bps QoQ
  • Profit after tax (PAT) at USD 136 mn; down 13.7% QoQ, down 31.6% YoY
  • Free cash flow at $ 142 mn, conversion to PAT at 104%
Financial highlights for the quarter (₹)
  • Revenue at ₹ 13,718 crores; down 0.1% QoQ, up 13.2% YoY
  • EBITDA at ₹ 2,021 crores; down 5.7% QoQ, down 3.2% YoY
  • Consolidated PAT at ₹ 1,118 crores; down 13.8% QoQ, down 25.8% YoY
  • Earnings per share (EPS) was at ₹ 12.62
Other Highlights
  • Total headcount at 152,400 down 4,668 QoQ
  • Cash and Cash Equivalent at INR 7,435 cr as of March 31, 2023



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

“As we step into FY’24, we see the increasing need for businesses to stay agile by leveraging next generation technologies. We are strongly focused on helping our customers stay competitively dominant and relevant in the era of fast evolving market conditions by helping them adapt to leaner and sustainable business models”

Rohit Anand, Chief Financial Officer, Tech Mahindra, said,

“Our strategy of prudence and operational excellence helped us through the uncertainties of FY’23. We continue to return cash to shareholders through a consistent dividend policy. We move into the next fiscal, with sharper focus on productivity improvements, cash & value creation for our stakeholders”

Key Wins


  • Tech Mahindra was selected as a digital infrastructure partner by a large not-for-profit Enterprise Health System in America to provide solutions designed to manage IT Infrastructure including critical areas such as Server Management, Network Services, and Disaster Recovery among others.
  • Tech Mahindra was chosen by a leading American wireless network operator as a digital support partner to provide application maintenance and SRE Operations Support Services for 200+ Digital applications.
  • Tech Mahindra was selected as a strategic delivery partner by a major financial services customer in Australia and New Zealand for several transformational projects involving modernization of the legacy data systems, as well as decoupling banking data assets from the core business. They will leverage Tech Mahindra’s expertise in data consulting and utilize its proprietary data accelerators, to support the program.
  • Tech Mahindra was selected as a long-term strategic partner by an African power transmission provider to manage an integrated end-to-end ERP & GIS Systems providing coverage across critical functionalities like Audit & Risk management, Asset tracking among others.
  • Tech Mahindra was selected by a large telecommunications operator in America to improve their customer experience which includes objectives of channel containment, contact shed among others. This deal leverages Tech Mahindra’s strengths of network services and experience design services to deliver enhanced outcomes for the customer.
  • Chosen as a strategic partner by a large development & construction company in Europe, to modernize their IT architecture and manage their end-to-end operations for a greater focus on customer centricity and measurable business growth.


Business Highlights


  • Tech Mahindra and Retalon have partnered to jointly provide full spectrum of digital solutions for retail and consumer packaged goods (CPG) Industry. The partnership will offer a unified common analytic platform that will enable organizations to gain better customer insights, improve decision-making, and enhance operational efficiency through end-to-end planning, inventory management, supply chain network strategy, pricing, and promotion optimization.
  • Tech Mahindra and Microsoft join hands to bring “Network Cloudification as a Service” and AIOps to telecom operators for their 5G Core networks. The 5G core network transformation will help telecom operators to develop 5G core use cases and meet their customers’ growing technological requirements such as Augmented Reality (AR), Virtual Reality (VR), IoT (Internet of Things), and edge computing.
  • Tech Mahindra established a Google Cloud Delivery Center in Guadalajara, Mexico. The center will be dedicated to Google Cloud-centric solutions that enable customers to modernize infrastructure and manage workloads with differentiated accelerators, Cloud Native and Open-Source technologies. The partnership will leverage the expertise of both organizations in the domains, including the Google Cloud Platform on Anthos, Data and Analytics, Artificial Intelligence (AI), Machine Learning (ML), and will empower customers across the Americas to accelerate cloud adoption.


  • Tech Mahindra was recognized as the fastest growing brand globally in ‘Brand Value Rank’ by Brand Finance amongst the top 25 IT services brands. The organization’s brand value has registered a robust growth of 66% since the beginning of the pandemic, with its value rising by 15% to USD 3.5 billion in 2022, listed among the Top 7 brands globally in brand strength with AA+ rating.
  • Tech Mahindra has launched an innovative remote network monitoring and smart device assurance platform called SANDSTORM. The platform will empower telcos and enterprises to access any device “remotely” and use Tech Mahindra’s automation platform to test & deploy applications and devices, for end customers. It will also help understand how apps are interacting with the actual network across diverse geographies in real-time delivering deep insights into device lower-layer information mapped to applications.
  • Tech Mahindra strengthened partnership with Microsoft to deliver Azure Operator Nexus solutions. The partnership will empower telecom operators and enterprises to build, host and operate Long-term Evolution (LTE)s and 5G networks by using virtualized/containerized network functions leveraging Azure Operator Nexus. It will further leverage a fully cloud-native and blueprinted 5G core, running on Azure Operator Nexus that will enable telecom operators to provide enhanced and customized user experiences.
  • Tech Mahindra had launched AceFin™ a cognitive AI based BPaaS solution to assist CFOs in driving profitability and growth while minimizing risks. The solution integrates data sources from various IT systems ensuring “Single Source of Truth” that enables timely decision making and maintenance of best-in-class standards in the finance function. AceFin™ will support CFOs in tracking company-wide financial and productivity metrics across business units and geographies. The solution will enable area-specific deep dives and drilldowns into any business area or process.
  • Tech Mahindra Join Forces with Red Hat to Deliver 5G Core on Hybrid and Multi Cloud Leveraging This partnership will deliver customized solutions to help telcos move critical 5G and multi-access edge computing (MEC) workloads to hybrid cloud using Red Hat OpenShift Service on AWS and Tech Mahindra’s hyper-automation platform


Awards and Recognitions
  • Tech Mahindra recognized in the Burgundy Private Hurun India 500 list for 2022 and is one of the Top 10 Women Employers for 2022.
  • Tech Mahindra has been ranked amongst the top 1% of organizations in the global IT Services segment in S&P Global’s Sustainability Yearbook. The Yearbook aims to distinguish individual companies, within their industries, that have demonstrated strengths in corporate sustainability in areas such as improved processes and policies, audits and assessments, human resources programs, social engagements, transitioning to net zero, water stewardship projects, adopting circular economy practices, investing in innovation and green technologies and solutions.
  • Gold recognition for ‘Excellence in cultivating a culture of trust and high performance’ in the ET Human Capital Awards. Tech Mahindra was evaluated on parameters such as creativity and innovation, contribution to business performance, sustainability, measurable impact, and implemented strategies
  • ET BFSI recognized Tech Mahindra under the category – Best IT Software Solution Provider of the Year for Uni-verse.
  • Tech Mahindra has been named a winner of the ASEAN – India Business Award 2023 (we have won in the “Business Excellence” category) organized by FICCI jointly with the ASEAN-India Business Council and the High Commission of India in Malaysia.
  • Tech Mahindra has been awarded “Best Metaverse Development Enterprise of the year” by Entrepreneur India during its Web3 Summit.
  • Tech Mahindra recognized as one of the Best Organizations for Women in 2023 by The Economic Times in the 3rd edition of The Economic Times Best Organizations for Women Conclave. In the Conclave, organizations with a commitment to diversity and inclusion were honored.