Tech Machindra announces Q1FY2023 results and sees YoY revenue growth of 18%

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services recently announced the audited consolidated financial results for its quarter ended June 30th, 2022.

Revenue was $1.63 billion, which is up 1.5% QoQ and up 18.0% YoY. Revenue growth also rose 3.5% QoQ in constant currency terms.

EBITDA stood at $239 million, which is down 13.5% QoQ and down 6.2% YoY. EBITDA margin was 14.8%.

Profit after tax (PAT) was $143 million, which is down 28.0% QoQ and down 22.0% YoY.

Some of the company’s highlights from this year include a collaboration with Microsoft to build SenTindra, a cloud-based virtual security operations centre developed on Microsoft Sentinel. SenTindra offers a single monitoring pane with all security components integrated covering the entire lifecycle of the migration and transformation requirements for a seamless and integrated security experience for customers.

Tech Mahindra also announced a collaboration with Keysight Technologies to certify 5G equipment in its 5G O-RAN test lab facility in New Jersey. This will enable the lab to perform end-to-end validation of designs developed by OEMs in compliance with ORAN alliance specifications.

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, comments: “We are starting this fiscal with a renewed commitment towards delivering consistent organic growth. We remain resilient and watchful given the dynamic global macro-economic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings. Our winning strategy rests on the pillars – ‘Purpose, People and Performance’ which is aiding us to responsibly capitalise on the strong demand environment in the market.”

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