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Tech Mahindra Q2’22 revenues up 16.4% profit after tax up 26.0%

Tech Mahindra Ltd., a specialist in digital transformation, consulting and business reengineering services today announced the audited consolidated financial results for its quarter ended September 30, 2021.

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said,

“As we record our highest sequential growth in a decade, we remain committed to deliver long – term sustainable and profitable growth for the company. We have witnessed strong traction across all key markets as we invest in our digital capabilities through strategic partnerships. We continue to accelerate our clients’ digital journey by creating Human Centric Experiences, helping them gear up for tomorrow, today.”

Milind Kulkarni, Chief Financial Officer, Tech Mahindra, said,

“Our strong execution has ensured that we maintain our profitability margins while accelerating growth momentum. We remain committed on the operational excellence journey we have boarded, and continue to create value to shareholders through efficient capital return” Acquisitions

Tech Mahindra today announced the acquisition of Lodestone, a leading digital engineering quality assurance provider for new age digital companies. The acquisition will bolster T ech Mahindra’s digital engineering capabilities to effectively utilize data strategy and address machine learning challenges.

The strategic announcement will further enhance Tech Mahindra’s capability to provide end-to-end product quality assurance across hardware, software, and data layers to strengthen t he company’s positioning as a leading digital transformation enabler in the engineering space.

Vivek Agarwal, President – BFSI, HLS and Corporate Development, Tech Mahindra, said,

The acquisition of Lodestone is in line with our strategy to strengthen digital capabilities and provide enhanced and comprehensive transformation services to our customers globally. This will bring significant synergies to complement our domain expertise and will help drive growth going forward. We welcome Lodestone’s associates into the Tech Mahindra family.

KEY WINS

  • Business Highlights·  Tech Mahindra has won a multi-year strategic deal with a
  • Selected by an Asian technology company for multi pillar deal scope which includes managed services, IT stack refresh, adoption of new age architecture and business process re- engineering.
  • Tech Mahindra has won a deal with one of the largest Electricity Distribution Utility Corporation in Asia for implementation and support of a large Customer Information System.
  • Engaged by a telecommunications company based in Germany for consolidation and transformation of legacy systems.
  • Awarded a deal by a global automotive OEM for engineering services for vehicle modification engineering FOT, data collection, data center, data management, simulation & ALM.
  • Tech Mahindra has been chosen by a US telco to be a part of its transformation journey to provide modernization and cloud migration services for its targeted applications.
  • Won a strategic deal with an Asian-based leading food management & policy maker, scope of which includes implementing, integrating and managing end to end SAPS/4HANA application, data management and data integration
  • Won a deal with leading global ports & logistics operator headquartered in Middle East for implementation support and global application rollouts.
  • Tech Mahindra has been engaged by one of the largest railroad companies in North America to provide mobility managed services.
  • Tech Mahindra has been chosen by a fortune 4 organization in the Healthcare & retail space to design, build & transform Virtual Apps & Desktops platform in Cloud.
  • Tech Mahindra has partnered with StaTwig, a Singapore & Hyderabad based digital supply chain solution provider to Implement ‘VaccineLedger’ – Blockchain-based traceability solution for global vaccine supply chain to predict and prevent failures in supply chains, including problems related to expired vaccines, stock out and counterfeiting
  • Announced MSSP (Managed Security Services Provider) partnerships with California -based Palo Alto Networks, a global leader in cybersecurity. As a part of this partnership, Tech Mahindra is working towards creation of specialized Industry solutions and IP, leveraging the best of breed Palo Alto Networks solutions covering all major security solutions towers.
  • TechMahindraannouncesa‘CloudAdvisoryBoard’with30EnterprisesandIndustryAdvisors. The Advisory board will work on accelerating cloud transformation and build robust roadmap for business agility and competitive edge for enterprises.
  •  Tech Mahindra has expanded its collaboration with Microsoft to strengthen hybrid cloud capabilities. The collaboration aims to leverage Microsoft Azure Stack HCI, a new Hyper Converged Infrastructure (HCI) solution to accelerate hybrid cloud transformation, consolidate virtualized workloads and build enterprise resilience.
  • Tech Mahindra has launched a dedicated Google Cloud Business Unit to accelerate cloud adoption for enterprises globally.
  • Tech Mahindra has achieved AWS Level 1 Managed Security Service Provider (MSSP) competency status covering all six cybersecurity cloud domains.
  • Tech Mahindra has partnered with Loughborough University, the world’s best university for sport, to drive innovation in the sports industry via adoption of emerging next-generation technologies.
  • Tech Mahindra and Cybersecurity Centre of Excellence, Data Security Council of India collaborate to drive cyber security innovation ecosystem in India.

Awards and Recognitions

  • Tech Mahindra has been named a Leader once more, making it our third time in a row, in 2021 Gartner® Magic QuadrantTM for IT Services for Communications Service Providers, Worldwide.
  • Tech Mahindra has won five 2021 ISG digital case study awardsTM.
  • Tech Mahindra has been named as a leader in managed security services (MSS) for the mid-market in the 2021 ISG Provider LensTM Cybersecurity Solutions & Services Quadrant Report in both the U.K. and the United States
  • Tech Mahindra has been recognized among the top 15 companies for Sustainability and CSR in Futurescape 8th Sustainability Index
  • Tech Mahindra Named a Leader in Everest Group PEAK Matrix Assessment for Software Product Engineering Services 2021.
  • Tech Mahindra has been listed among 2021 Best Workplaces in Asia by Great Place to Work®.
  • TechM has been recognized as a 2020 Bombardier Diamond Supplier .
  • Tech Mahindra’s CEO and MD, CP Gurnani has been recognized as an ‘Influential Leader of New India’ by CNN News18 and Team Marksmen.
  • Tech Mahindra has been ranked 14 on Responsible Business Ranking by The Economic Times.
  • Felicitation as Leaders of Sustainable Change at ET SDGs Summit for our initiatives in the Sustainable Space
  • Received rotary CSR Awards 2021 in the Community Development Category for Exemplary Work with Sustainable Impact
  • Tech Mahindra has won the CSR Universe ‘COVID Response’ CSR Impact Awards 2021 in Skill Development and Livelihood Category
  • TMF has own-
    o 5th CSR Health Impact Awards (SilverCategory) for our Health Campaign
    o 5th CSR Health Impact Awards (BronzeCategory) for our COVID Relief Program

About Tech Mahindra

Tech Mahindra offers innovative and customer -centric digital experiences, enabling enterprises, associates and the society to RiseTM. We are a USD 5.1 billion organization with 141,100+ professionals across 90 countries helping 1123 global customers, including Fortune 500 companies. We are focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers. Tech Mahindra is one of the fastest growing brands and amongst the top 15 IT service providers globally. Tech Mahindra has consistently emerged as a leader in sustainability and is recognized amongst the ‘2021 Global 100 Most sustainable corporations in the World’ by Corporate Knights. With the TechM NXT.NOW framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for our ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrow’s experiences today, and believes that the ‘Future is Now’.

We are part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.