Mahindra & Mahindra group’s IT companies arm, Tech Mahindra introduced web revenue at Rs 1,081 crore for the fourth quarter ended March 31, 2021, up 34.6 per cent year-on-year foundation, however was down sequentially by 17.4 per cent.
Income for the quarter was up 2.5 per cent YoY to Rs 9,730 crore, however grew a mere 0.9 per cent in comparison with the previous quarter ended December 31, 2020.
The corporate additionally introduced the acquisition of Eventus Options Group, a consulting and expertise service firm, headquartered within the US for $44 million. The acquisition will bolster consulting capabilities in Buyer Expertise (CX) and buyer administration area. Eventus Options Group affords end-to-end buyer engagement options, resembling technique consulting, cloud primarily based instruments and automation companies, and managed companies.
For the monetary 12 months 2020-2021, the corporate’s income had been at Rs 37,855 crore up 2.7 per cent and web revenue grew 9.8 per cent at Rs 4,428 crore.
The corporate mentioned that its complete contract worth for the fourth quarter was at $1 billion, virtually 2x in comparison with $455 mn it signed in Q3 of FY21.
“FY22 goes to be a progress 12 months. We count on to have a double digit progress this 12 months. We’re witnessing a powerful demand acceleration and are dedicated in direction of delivering a next-level human-centered expertise of the long run,” mentioned C P Gurnani, MD & CEO, Tech Mahindra.
The corporate reported free money move of $965 million, because of diminished debtors days. This is without doubt one of the highest free money move ever registered by the corporate.
“We now have witnessed substantial margin enchancment and money move technology this 12 months. Our deal with supply transformation will proceed, as we more and more witness a structural shift in direction of digital to adapt to the brand new regular. We’re positioned uniquely to achieve from this shift, whereas bettering our monetary and working metrics going ahead,” mentioned Milind Kulkarni, CFO, Tech Mahindra.
The corporate introduced a dividend of Rs 30 per share.