• Revenue growth: Reported revenue was $1,693 million, up 2% Q-o-Q and 6.8% Y-o-Y; constant-currency growth was 2.4% Q-o-Q and 7.2% Y-o-Y. Growth was broad-based, with Mohit citing year-on-year gains across communications, manufacturing, Hi-Tech, Retail, Travel and Logistics, and healthcare.
• Margin and cash: EBIT margin reached 14.8%, up 40 basis sequentially and 260 basis on a Y-o-Y basis, supported by volume growth and Project Fortius savings, partially offset by wage hikes. Tech Mahindra generated $135 million of free cash flow and reiterated a full-year free cash flow to PAT conversion target of 90% to 100%.
• AI investment: TechM Helix is intended to move clients from AI pilots toward larger-scale implementations, with offerings including Zero-Gravity Telco Architecture and the Consumer Agentic Studio. The company also launched Indus Tera, a 30-billion parameter model, with NVIDIA and AWS, as part of IndiaAI Mission.
• Deal momentum: Total deal wins were $1,023 million, while LTM deal wins stood at $4,270 million, up 34.8% on a Y-o-Y basis. Notable wins included an integrated application managed service for a Canadian insurer and five-year strategic managed services engagements with UK and Australian telecom businesses.
• Full-year outlook: Management reiterated it remains on track to achieve its full-year fiscal 2027 EBIT target of 15%. The board declared an interim dividend of ₹15 per share and recommended a 1:1 bonus share issue.