Tech Mahindra Q1 Results: Constant currency revenue falls more than expected, margin improves

IT services and consulting company Tech Mahindra Ltd. on Wednesday, July 16, reported a constant currency revenue decline of 1.4% for the April to June period. CNBC-TV18’s poll expected CC revenue growth to decline 0.7% sequentially.In US Dollar terms, the company’s revenue stood at $1,564 million, which was marginally lower than CNBC-TV18’s poll expectations of $1,565 million.
In rupee terms, Tech Mahindra’s topline stood at ₹13,351 crore. The same was lower than CNBC-TV18’s poll expectation of ₹13,392 crore and also lower than last year’s ₹13,384 crore.
Net profit for the June quarter declined 2% year-on-year to ₹1,140.6 crore. The figure was lower than CNBC-TV18’s poll of ₹1,170 crore and last quarter’s ₹1,167 crore.
EBIT for the quarter rose 7% to ₹1,477 crore as against March quarter’s ₹1,378 crore, while margin expanded by 60 basis points to 11.1% from 10.5% in the last quarter.Tech Mahindra reported new deal wins amounting to $809 million.

Total headcount stood at 1.48 lakh, up 897 employees when compared with the same quarter last year. LTM IT attrition came in at 12.6%.

The company had cash and cash equivalent of ₹8,072 crore at the end of March quarter.

“Deal wins have increased by 44% on a last twelve months (LTM) basis, supported by broad-based momentum across verticals and geographies,” said Mohit Joshi, CEO and Managing Director at Tech Mahindra.

Shares of Tech Mahindra Ltd. ended 1.94% higher on Wednesday at ₹1,609. The stock has declined 5% so far in 2025.