Tech Mahindra opens Covid care unit in its Pune facility
IT firm also unveils an exclusive vaccination drive13-05-2021
13-05-2021
Buy Tech Mahindra: target of Rs 1150: Sharekhan
Sharekhan is bullish on Tech Mahindra has recommended buy rating on the stock with a target price of Rs 1150 in its research report dated April 26, 2021.13-05-2021
TECH MAHINDRA LTD. - 532755 - Compliances-Reg.24(A)-Annual Secretarial Compliance
Submission of Annual Secretarial Compliance Report for year ended 31st March, 2021.10-05-2021
Tech Mahindra Ltd - 532755 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Intimation of Schedule of Investor Interaction with Tech Mahindra''s Leadership.10-05-2021
Tech Mahindra Ltd - 532755 - Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
We wish to inform of the resolution passed by the Securities Allotment Committee of the Board of Directors of the Company on 9th May, 2021 for allotment of a total of 63,315 equity shares of Rs. 5/- each of the Company.10-05-2021
Tech Mahindra, Reagene to file patent for coronavirus attacking molecule
IT company Tech Mahindra is in the process of filing a patent, along with Reagene Biosciences, for a drug molecule that can potentially attack coronavirus, according to a senior company official02-05-2021
Tech Mahindra Ltd - 532755 - Format of Initial Disclosure to be made by an entity identified as a Large Corporate
Format of Initial Disclosure to be made by an entity identified as a Large Corporate. Sr. No. Particulars Details 1Name of CompayTECH MAHINDRA LTD. 2CINL64200MH1986PLC041370 3 Outstanding borrowing of company as on 31st March / 31st December, as applicable (in Rs cr) 0.00 4Highest Credit Rating during the previous FY NA 4aName of the Credit Rating Agency issuing the Credit Rating mentioned in (4)Not Applicable 5Name of Stock Exchange# in which the fine shall be paid, in case of shortfall in the required borrowing under the frameworkBSE We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018. No Name of the Company Secretary: Anil Khatri Designation: Company Secretary EmailId: AK0071213@TechMahindra.com Name of the Chief Financial Officer: Milind Kulkarni Designation: Chief Financial Officer EmailId: AK0071213@TechMahindra.com Date: 28/04/2021 Note: In terms para of 3.2(ii) of the circular, beginning F.Y 2022, in the event of shortfall in the mandatory borrowing through debt securities, a fine of 0.2% of the shortfall shall be levied by Stock Exchanges at the end of the two-year block period. Therefore, an entity identified as LC shall provide, in its initial disclosure for a financial year, the name of Stock Exchange to which it would pay the fine in case of shortfall in the mandatory borrowing through debt markets.28-04-2021
Tech Mahindra open to more acquisitions
Not seeing any supply chain disruption from the second Covid wave27-04-2021
Tech Mahindra saw a tepid Q4, but the street is upbeat
Tech Mahindra is the last of the top tier IT services companies to announce its fourth quarter results. The company reported lackluster numbers with the lowest constant currency growth among the top five listed Indian IT services firms. In rupee terms, on a standalone basis net profit slid 16% YoY and revenue was stagnant. Though the street has reacted negatively to the muted March quarter performance, analysts are buoyed by strong deal wins, sturdy margin expansion and optimistic management commentary. Quick Takes: Net profit fell 16% YoY to Rs 1,168 crore compared to Rs 1,392 crore a year ago The management has guided for a double-digit growth for enterprise business in FY22 and for the company as a whole Tech Mahindra is the largest IT services provider in the telecom space with making up 40% of its revenues During the quarter, TechM reported net new deal wins of $ 1.04 billion evenly distributed between communications and enterprise verticals, in March quarter FY21 Q4 sees tepid revenue growth Tech Mahindra has reported negative constant currency YoY growth throughout FY21. In the March 2021 quarter, dollar revenue was $ 1.33 billion, rising 1.6% sequentially and 2.7% YoY. In constant currency terms, revenue growth was 0.7% QoQ with negative growth of 0.5% YoY. EBIT margins came in at 16.5%, expanding 60 basis points YoY. This was the highest margin in the past six years. In rupee terms, operating revenues were flat both in YoY and QoQ at Rs 7,507 crore in Q4 FY21. Net profit fell 16% YoY at Rs 1,168 crore compared to Rs 1,392 crore, a year ago. Free cash flow for the quarter was $ 187 million at 127% of PAT. Revenues from Americas (45.5% of revenues) fell 2% YoY in Q4 FY21 while Europe (26.5% of revenues) and Rest of the World (28% of revenues) were in better shape, with revenues rising 2.7% and 11.5% YoY, respectively. Technology (9% of revenues) and BFSI (16.5% of revenues) verticals saw revenues grow in double digits throughout FY21. Continuing with the same momentum, both verticals grew 28% and 10% YoY respectively in the March 2021 quarter. The retail vertical (7.5% of revenues), after strong double-digit growth in the June 2020 quarter has grown by 6% for each quarter of FY21. Communications (40% of revenues) stabilized in Q4 FY21 after witnessing deceleration in the past three quarters. And lastly manufacturing (16.3% of revenues) was the only vertical that saw revenues fall 5% YoY for March quarter FY21. TechM's growth is the slowest among top tier IT firms, 5G beckons Tech Mahindra’s growth has been the slowest in Q4 FY21, among the top five IT players. The company had witnessed the slowest WFH transition, lower margins compared to its peer group and lacklustre revenue growth in FY21. CP Gurnani, MD and CEO at Tech Mahindra, said that FY21 was a tough year for the company, putting curtains to the 3-year repair phase outlined by the management at the outset of the Covid outbreak. The next two years, FY22-24, is planned for growth acceleration. The company operates through two main segments, communications and enterprise. While the enterprise segment, comprising BFSI, manufacturing, media and retail, have stabilized from Covid tremors, communications has been a major drag on overall company revenues. But analysts and investors alike are strongly optimistic on the communications vertical awaiting the 5G rollout. The rollout was delayed by Covid-19 pandemic. Speaking on the 5G opportunity, Manish Vyas, President and CEO of the communications and network services business at Tech Mahindra, said that clients want modernization of customer engagement platforms, including the underlying cloud native architecture which gives them flexibility and hyperscale ability to be ready for 5G. He further added that 5G is not just about network modernization but also about systems and backend process modernization. Though the 5G commercial rollout is expected by early 2022 in India, US and Europe are witnessing faster coverage which will be enhanced further with declining Covid-19 cases and casualties due to aggressive vaccination drive. But for IT companies, revenues will pour in after a lag as telecom service providers approach them for managing their network, cloud migration services and IoT platforms, once their hardware & software installation is completely set up. Though this might take a few more quarters, growth is definitely on the anvil for Tech Mahindra. While the street awaits payoffs from 5G, the management is also strongly optimistic about the enterprise side of its business. The management has guided for double-digit growth for enterprise business in FY22 and expects strong double-digit growth in all four verticals manufacturing, retail, technology and BFSI. And while they stayed non-committal on communications growth rate, the management asserted that the company on an overall basis will deliver double-digit growth in FY22. Speaking on the fall in net profit in Q4 FY21, CFO Manoj Bhat clarified that the impact was mainly due to higher tax provision of 32.5% during the quarter instead of the usual band of 24-25% and lower other income. The management has also given above 15% operating margin guidance for FY22. Tech Mahindra, like the rest of its peers, has outlined a double-digit growth path and even guided for a strong June 2021 quarter, usually weak due to Comviva seasonality. But it’s the net new deal wins of $ 1.04 billion, evenly distributed between communications and enterprise verticals, that is a major highlight of March quarter FY21. The company has been reporting strong net new deals wins over the past three quarters. Net new deal wins were above $400 million in September and December quarters, which have not been translated in revenues yet. Though analysts are optimistic of Tech Mahindra’s strong growth prospects, the street awaits strong revenue conversion and the 5G opportunity to deliver in the near future.27-04-2021