Tech Mahindra today reported an overall PAT (profit after tax) of $177.70 million at the end of the October-December quarter. The PAT was up by a healthy 23.7% compared to the previous quarter.
Revenues were up by 3.4% at $1,308.70 million at the end of December 2020 compared to Q2 but were down 3.3% when compared to the same quarter in 2019.
The company’s total EBIDTA (Earnings before Interest, Taxes, Depreciation, and Amortization) stood at $257.20 million, higher by 11.8% compared to the September quarter-end earnings.
Free cash flow was at $226 million during the October-December quarter.
The total new deal earnings registered a value of $455 million during the quarter but the headcount went down by 2,357 to 1.21 lakh in Q3 December 2020 compared to Q2 FY2020
“The technology modernization cycle continues to gather pace and our positioning of creating Experiences through Nxt.Now has seen us gain significant traction in the market place. We believe that the Future is Now and we are continuously innovating to address this shift in spending,” CP Gurnani, Chief Executive Officer (CEO) and Managing Director (MD), Tech Mahindra, said.
He also added that there had been a significant speeding-up in the infusion of new technology and that many clients were moving to Cloud storage.
Manoj Bhat, the Chief Financial Officer (CFO) of Tech Mahindra, talked about the company’s financial model saying that, “Our focus on operational excellence has again yielded results as we structurally change our delivery model. We are seeing consistent improvement in our operating metrics and we are confident of continuing on this transformation journey in the coming quarters.”
