Tech Mahindra Q2 Results Review - Transformation On Track: Motilal Oswal

Motilal Oswal Report

Tech Mahindra Ltd. reported Q2 FY25 revenue of $1.6 billion, up 0.7% QoQ in constant currency versus our estimate of 0.2% QoQ CC. The growth was driven by retail/technology (up 5.6%/5.7% sequentially).

Communication/BFSI also witnessed growth of 2.7%/2.4% QoQ, while Manufacturing declined 4% QoQ. Ebit margin expanded 110 bp QoQ at 9.6%, beating our estimates of 9.0%. Adjusted PAT stood at Rs 12.5 billion (estimate: Rs 10 billion), up 46% QoQ/28% YoY due to operating leverage and higher other income.

For H1 FY25, revenue/Ebit/PAT grew 1.1%/13.7%/8.7% versus H1 FY24. We expect revenue/Ebit/PAT to grow by 4%/44%/27% YoY in H2 FY25. Deal total contract value was $603 million, up 13% QoQ/ down 6% YoY.

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