TECHM · Information Technology
Tech Mahindra Ltd. reported revenue of ₹13,006 cr for April to June 2024, −1.2% on the year and +1.0% on the quarter.
Operating profit (EBITDA) was ₹1,564 cr, a margin of 12.0%, +186 bps on the year and +349 bps on the quarter. Operating costs grew −3.2% against revenue growth of −1.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹865 cr, +22.9% on the year and +30.3% on the quarter, with earnings per share of ₹8.71. Profit before other income, one-offs and tax grew faster, at +33.7%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average.
On earnings per share of ₹25.77 over the last four quarters, the stock at ₹1,778.80 trades at 69.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹12,864 cr | ₹13,101 cr | ₹12,871 cr | ₹13,006 cr | ₹13,313 cr | ₹13,286 cr | ₹13,384 cr | ₹13,351 cr | ₹13,995 cr | ₹14,393 cr | ₹15,076 cr | ₹15,712 cr |
| YoY | — | — | — | −1% | +3% | +1% | +4% | +3% | +5% | +8% | +13% | +18% |
| EBITDA margin | 7.1% | 8.7% | 8.5% | 12.0% | 13.1% | 13.6% | 13.7% | 14.5% | 15.5% | 16.4% | 17.0% | 17.4% |
| Other income, % of PBT | 43% | 14% | 40% | 12% | 30% | 2% | 12% | 14% | 2% | −19% | −11% | −5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 18% | 23% | 31% | 27% | 27% | 24% | 22% | 30% | 28% | 26% | 24% | 27% |
| Net profit | ₹505 cr | ₹524 cr | ₹664 cr | ₹865 cr | ₹1,258 cr | ₹989 cr | ₹1,142 cr | ₹1,129 cr | ₹1,202 cr | ₹1,119 cr | ₹1,356 cr | ₹1,486 cr |
| YoY | — | — | — | +23% | +149% | +89% | +72% | +31% | −4% | +13% | +19% | +32% |
| Core profit YoY | — | — | — | +34% | +240% | +117% | +123% | +36% | +36% | +41% | +55% | +54% |
| EPS | ₹5.06 | ₹5.23 | ₹6.77 | ₹8.71 | ₹12.78 | ₹10.05 | ₹11.92 | ₹11.65 | ₹12.19 | ₹11.45 | ₹13.82 | ₹14.95 |
| Flags | 1 | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tech Mahindra Ltd. reported revenue of ₹13,006 cr (−1.2% on the year) and net profit of ₹865 cr (+22.9% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +33.7% on the year, against +22.9% for reported profit.
None of the 7 checks that could run raised a question.
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