TECHM · Information Technology
Tech Mahindra Ltd. reported revenue of ₹12,864 cr for July to September 2023, — on the year and −2.2% on the quarter.
Operating profit (EBITDA) was ₹914 cr, a margin of 7.1%, — on the year and −306 bps on the quarter.
Net profit was ₹505 cr, — on the year and −28.3% on the quarter, with earnings per share of ₹5.06.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹12,864 cr (— on the year) and net profit of ₹505 cr (— on the year) for July to September 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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