TECHM · Information Technology
Tech Mahindra Ltd. reported revenue of ₹13,384 cr for January to March 2025, +4.0% on the year and +0.7% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹52,989 cr, +1.9% on the four before.
Operating profit (EBITDA) was ₹1,839 cr, a margin of 13.7%, +520 bps on the year and +12 bps on the quarter. It is the widest margin of the last 8 quarters (range 7.1% to 13.7%). Operating costs grew −1.9% against revenue growth of +4.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,142 cr, +72.0% on the year and +15.5% on the quarter, with earnings per share of ₹11.92. Profit before other income, one-offs and tax grew faster, at +123.0%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹4,254 cr, +77.5% on the four before.
On earnings per share of ₹43.46 over the last four quarters, the stock at ₹1,778.80 trades at 40.9 times trailing earnings.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
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.
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 ₹13,384 cr (+4.0% on the year) and net profit of ₹1,142 cr (+72.0% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +123.0% on the year, against +72.0% for reported profit.
None of the 7 checks that could run raised a question.
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