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Tech Mahindra Exceeds Q2 Revenue Forecast Amid Telecom Challenges
Indian IT giant Tech Mahindra reported stronger-than-expected revenue growth for the second quarter of FY24, supported by gains in the European and BFSI (Banking, Financial Services, and Insurance) segments.
Strong Revenue Growth
Tech Mahindra’s revenue grew by 3.49% for the quarter ending in September, reaching ₹133.13 billion ($1.58 billion), surpassing analysts' estimate of ₹131.9 billion. The BFSI segment experienced a notable 4.5% growth, while Europe and the Rest of the World markets surged by 4.1% and 9.7%, respectively. However, order bookings declined to $603 million, compared to $640 million in the same period last year.
Telecom Sector Slump
Despite overall growth, the company's telecom sector, which accounts for a third of its revenue, continues to face challenges. CEO Mohit Joshi attributed the sluggish performance to macroeconomic and geopolitical risks, stating that major telecom clients are focusing on cost-cutting and limiting discretionary spending.
Net Profit Boost
Tech Mahindra’s net profit skyrocketed by 153% to ₹12.5 billion ($149 million), primarily driven by a one-time gain from asset sales. The company's three-year turnaround plan, launched in April 2024, aims to boost revenue and double its operating margin to 15% by FY27.
Future Outlook
Joshi emphasized that the company is in the early stages of its turnaround and anticipates volatility in its telecom and BFSI portfolios in the coming quarters.
