Tech Mahindra Q1’24 Revenue up 3.5% YoY

Tech Mahindra Q1’24 Revenue up 3.5% YoY



Mumbai – July 26th, 2023: Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter ended June 30th, 2023.




Financial highlights for the quarter (USD)
Revenue at USD 1,601 mn; down 4.0% QoQ, down 1.9% YoY

o Revenue reduced by 4.2% QoQ in constant currency termsEBITDA at USD 163 mn; down 33.7% QoQ, down 31.8% YoY; Margin at 10.2%, down 460bps QoQ
Profit after tax (PAT) at USD 84 mn; down 38.0% QoQ, down 41.1% YoY
Free cash flow at $ 106 mn, conversion to PAT at 126%


Financial highlights for the quarter (₹)
Revenue at ₹ 13,159 crores; down 4.1% QoQ, up 3.5% YoY
EBITDA at ₹ 1,338 crores; down 33.8% QoQ, down 28.8% YoY
Consolidated PAT at ₹ 693 crores; down 38.0% QoQ, down 38.8% YoY
Earnings per share (EPS) was at ₹ 7.82


Other Highlights
Total headcount at 148,297 down 4,103 QoQ
Cash and Cash Equivalent at INR 7,701 cr as of June 30, 2023




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



“Our results this quarter reflect the uncertainty in the global economy and the IT sector. We are confident that we have the right strategy and the right team to overcome this temporary setback and deliver long- term value for our customers and shareholders.”
Rohit Anand, Chief Financial Officer, Tech Mahindra, said,



“This quarter was a challenging one for us as revenue growth faced strong headwinds and that had an impact on profitability. We have taken swift and decisive actions to address these issues and improve our execution.”


















Key Wins
Tech Mahindra was selected as a strategic partner by a large telecommunications operator in America to assist in the Cloud migration of ML platform; implement predictive analysis program to personalize Sales and Market Retention recommendations for the client by leveraging big data analytics and microservices development.
Tech Mahindra was chosen by one of the largest tyre manufacturers in the world for its end-to-end enterprise process transformation. Tech Mahindra will be revamping core processes from Lead to Cash to Foreign Trade in what will be one of the largest strategic transformations in Europe.

Tech Mahindra won a multiyear strategic deal from a leading Networking OEM in America for managing their public cloud operations, including various workloads for its fast-growing AI-based SaaS offerings, and for its upcoming Data & Cloud-based offerings of its Engineering and IT units.
Tech Mahindra was selected by a large retail player in the US for Service desk management leveraging AI and bot first transformative technology with built-in quality automation.
Tech Mahindra was selected as a strategic partner by one of the leading technology companies in the world to augment AI capability by managing machine rewrites and content validation.


Business HighlightsTech Mahindra has announced an integration with Microsoft to enable Generative AI-powered Enterprise Search. The new offering, Generative AI-Powered Enterprise Knowledge Search under Tech Mahindra’s TechM amplifAI0->∞ integrates Microsoft Azure OpenAI Service, Azure Cognitive Search, and Azure Language understanding to increase effectiveness and personalization enabling capabilities like content summarization, knowledge graph-led knowledge structuring, and a new kind of query interface.
Tech Mahindra and Espressive, partner to provide automated and cost-effective digital workplace assistance. The partnership will enhance the overall employee experience of their customers by automating requests in real-time through an AI-based virtual support agent, Espressive Barista. The platform’s advanced Natural Language Processing (NLP), Natural Language Understanding (NLU), and machine learning capabilities will ensure responses are highly personalized to reassure employees that their requests have been fully understood and resolved in real-time.
Global Chess League, a joint venture between FIDE and Tech Mahindra, will be the world’s largest and first-ever league-style chess tournament. The inaugural edition which took place in Dubai from 21st June to 2nd July’23, featured six teams with six players each including a minimum of two female players and one Icon player per team. World Champions like Viswanathan Anand, Magnus Carlsen, Ding Liren and Hou Yifen were part of the tournament.
Tech Mahindra and IndoSat launched a Center of Excellence (CoE) lab powered by Google Cloud in Jakarta to accelerate Indonesia’s digital transformation. This will harness advanced next-gen capabilities like 5G, Edge computing, Data analytics, Internet of Things, Augmented Reality and Virtual Reality. Lab seeks to provide intelligent analytics to CSPs through hyper-personalized offerings throughout customer journey.
Tech Mahindra and Mahindra Lifespace Developers, partnered to drive innovation in PropTech platform. The platform will provide first-of-its-kind photo realistic and fully immersive 3d-experiences to home buyers by generating images of a complete home environment, in near real manner using Epic Games Unreal Engine 5.
Tech Mahindra unveiled Generative AI studio under its amplifAI0->∞ suite of AI offerings. The studio will be a one-stop-central providing customers with both structured and customized aspects of AI, bringing all six aspects of content generation – code, document/text, image, video, audio, and data - under one roof. The studio is also scalable, making it suitable for businesses of all sizes.
Tech Mahindra and EarthID, an award-winning decentralized Identity management platform, announced a strategic partnership to create a blueprint for Self-Sovereign Identity (SSI) powered Metaverse platform that will provide users control over their data through privacy & consent. SSI- powered Metaverse will empower enterprises to mitigate security concerns related to stolen identities and sensitive data, which may lead to huge legal and financial losses.

Awards and Recognitions


Tech Mahindra was ranked #1 amongst the top 25 IT companies and ranked #2 in the list of top 50 most sustainable companies in the country at the Business World Sustainability Conclave 2023.
Tech Mahindra has been recognized as a Leader in Enterprise Service Management - Services & Solutions, Quadrant in ISG Provider Lens™ “Enterprise Service Management – Services and Solutions” 2023 report for the U.S. geography.
Tech Mahindra has been identified as a Top Performing Business Partner - Managed Service Provider for the year 2022 at the 'IBM Partner Connect & Awards 2023'.
Tech Mahindra was honored with the Best Application Support & Program Delivery Award 2023 by the Environment Agency of Emirates of Abu Dhabi
Tech Mahindra was positioned as the #3 Strongest Brand in the IT Services Industry for 2023 in the Brand Finance India 100 report.
Tech Mahindra was recognized as a Leader in the 2022 Gartner Magic Quadrant for IT Services for communications service providers for the fourth consecutive year.
Tech Mahindra was recognized as one of “Iconic Innovator 2023”by The Economic Times. The recognition highlights Tech Mahindra’s innovation process and the key factors that contributed to success, including leadership, culture, collaboration, and risk-taking capabilities.
Tech Mahindra was recognized as a 2023 Intel Partner Award winner for Breakthrough Innovation - SI/CSP- Cloud BlazeTech
Tech Mahindra was recognized as Champions at the People First HR Excellence Awards for Best POSH Strategy (Safe Place to Work) and for 'Leading Practices' in Diversity & Inclusion Initiatives.
Tech Mahindra has been awarded the 'Best Core Banking Solutions Provider' in the MEA Finance Banking Technology Summit and Awards 2023
Tech Mahindra was recognized for working towards 'Social Inclusion of PwD by BW People & Ask Insights Disability Positive Award' under the 'Social Inclusion for PwD' category.












About Tech Mahindra



Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates, and society to Rise for a more equal world, future readiness, and value creation. It is a USD 6.5+ billion organization with 148,000+ professionals across 90 countries helping 1250+ global customers, including Fortune 500 companies. It is focused on leveraging next-generation technologies including 5G, Metaverse, Blockchain, Quantum Computing, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers. It is the only Indian company in the world to receive the HRH The Prince of Wales’ Terra Carta Seal for its commitment to creating a sustainable future. It is the fastest growing brand globally in ‘brand value rank’ and among the top 7 IT brands globally in brand strength with AA+ rating. With its NXT.NOWTM framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for its ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. It aims at delivering tomorrow’s experiences

today and believes that the ‘Future is Now’.



Tech Mahindra is 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.

Connect with us on www.techmahindra.com

Consolidated financial for the First quarter ended June 30, 2023 drawn under Ind AS

 

P&L in INR Mn	Q1 FY24	Q4 FY23	Q1 FY23
Revenue	131,590	137,182	127,079
Cost of Services	97,805	97,484	91,162
Gross Profit	33,785	39,698	35,918
SG&A	20,405	19,493	17,116
EBITDA	13,380	20,205	18,801
Other Income	1,917	3,055	1,221
Interest Expense	1,197	934	403
Depreciation & Amortization	4,466	4,902	4,767
Impairment of Goodwill and non current assets	-	2,126	-
Share of profit / (loss) from associate	78	(50)	3
Profit before Tax	9,712	15,248	14,855
Provision for taxes	2,676	3,999	3,380
Minority Interest	111	73	159
Profit after Tax	6,925	11,176	11,316
EPS ( ₹ / share)
Basic	7.8	12.7	12.8
Diluted	7.8	12.6	12.8

 

طيران ناس تؤكد طلبية شراء 30 طائرة جديدة من عائلة طائرات إيرباص A320neo

 

@Airbus @Flynas

 

معرض باريس للطيران، 19 يونيو 2023 – أعلنت شركة طيران ناس، الناقل الوطني السعودي والطيران الاقتصادي الرائد في المملكة العربية السعودية، عن تأكيد طلبية شراء 30 طائرة جديدة من عائلة A320neo، وبذلك يصل إجمالي طلبات طيران ناس إلى 120 طائرة من عائلة A320neo، بما فيها 10 طائرات من طراز A321XLR.

وجاء ذلك خلال توقيع اتفاقية ضمن فعاليات معرض باريس للطيران، حيث وقع الاتفاقية كل من بندر المهنا، الرئيس التنفيذي والعضو المنتدب لطيران ناس، وكريستيان شيرير، الرئيس التجاري لشركة إيرباص ورئيس إيرباص الدولية، وبحضور معالي الأستاذ عبدالعزيز بن عبدالله الدعيلج، رئيس الهيئة العامة للطيران المدني في المملكة العربية السعودية، وعايض الجعيد، رئيس مجلس إدارة ناس القابضة.

وتسعى شركة طيران ناس من خلال هذه الاتفاقية إلى تعزيز مكانتها الرائدة للمساهمة بنمو قطاع الطيران في المملكة، وتعزيز الجهود الرامية إلى تحقيق خططها الطموحة من خلال رفد أسطولها بطائرات ذات الممر الواحد الأكثر تقدماً وكفاءةً من حيث استهلاك الوقود في العالم.

وبهذه المناسبة، قال بندر المهنا، الرئيس التنفيذي والعضو المنتدب لطيران ناس: "نسعى إلى مواصلة مسيرة النمو، التي من خلال التركيز على الاستثمار الهادف إلى تعزيز مجموعة الحلول والخدمات لدينا، نجحنا في تحقيق العديد من جوائز التميز في العمليات وخدمات العملاء، مما يسعدنا التأكيد على طلبية الشراء الأخيرة لطائرات إيرباص، حيث توفر عائلة A320neo مزايا استثنائية لا تضاهى من حيث الأداء التشغيلي والبيئي، فضلاً عن توفير تجارب سفر مريحة وفريدة بتكلفة منخفضة".

ومن جهته، قال كريستيان شيرير، الرئيس التجاري لشركة إيرباص ورئيس إيرباص الدولية: "تعد عائلة A320neo الخيار الأفضل لشركات الطيران في جميع أنحاء العالم، وذلك من خلال مكانتها الرائدة ضمن فئات الطائرات ذات الممر الواحد، حيث تميزت بفوائدها الاقتصادية وقدرتها على التحليق لمسافات طويلة وحجم مقصورتها الواسعة، ويشمل ذلك مساهمتها في قطاع الطيران منخفض التكلفة الذي تشغّل شركات الطيران فيه عملياتها وسط بيئة أعمال تنافسية. كما نتطلع إلى العمل مع شركة طيران ناس لدعم خططها الطموحة نحو تطوير أسطولها المستقبلي وتعزيز مكانتها في السوق السعودي الواعد".

وتعد طيران ناس من الشركات التي تشغل أسطولاً كاملاً من طائرات إيرباص، وأول شركة طيران في المملكة العربية السعودية تشغل الطائرات من طرازA320neo. كما تشغل الشركة حاليًا أسطولًا من 32 طائرة من طراز A320neo و13 A320ceo و4 A330-300.

وتضمّ عائلة طائرات A320neo مجموعةً من أحدث الحلول التكنولوجية، بما في ذلك الجيل الجديد من المحركات وأجنحة "شاركلتس" وحلول الديناميكيات الهوائية الحديثة، التي تُسهم معاً في تحقيق وفورات بواقع 20% في استهلاك الوقود مع خفض الانبعاثات الكربونية، حيث وصل عدد طلبيات عائلة A320neo إلى أكثر من 8,700 طلبية من 136 عميلاً.

-انتهى-

Nemer Barakat

Cybersecurity study reveals 8 safest African countries for business

 Key Findings: 

• Senegal is named the most cyber-secure African country for businesses to allow their employees to work from, with a cyber security index score of 78.09 out of 100.
• Nigeria ranks second with an index score of 74.68 and the lowest number of compromised computers per 100,000 internet users in all African countries reviewed.
• The most cyber-secure countries in the world are Honduras, South Korea, and Japan.
• Venky Sundar, Founder and President of Indusface provides 6 top tips for cyber security when working remotely.

Top 8 most cyber secure countries in Africa

Africa Rank	Country	DDOS  attacks per 100,000 Internet Users	Phishing sites  per 100,000 urls	Malware  hosting sites  per 100,000 urls	Compromised  computers   per 100,000 internet users	Cyber security index score (/100)
1	Senegal	9	80	1,000	1,023	78.09
2	Nigeria	21	570	970	62	74.68
3	Egypt	12	150	1,030	1,622	72.85
4	Morocco	35	500	1,000	1,603	66.01
5	Algeria	17	310	1,170	3,262	65.33
6	South Africa	69	940	840	446	62.23
7	Kenya	600	350	870	620	57.38
8	Tunisia	429	310	930	5,588	50.92

* Total DDOS Attacks were counted between 2015 to 2021. 

**Compromised computers = have been infected with the Gamarue botnetPlease see full methodology below

Indusface found out that Senegal is crowned the most secure African country for businesses to allow employees to remotely work from, with a cyber security score of 78.09 out of 100. The country has the lowest number of DDOS attacks in Africa (9) during 2015 to 2021 as well as the fewest phishing sites per 100,000 urls (80) compared to all other African countries reviewed, making businesses less worried about sensitive information being stolen. 

Nigeria ranks second with a cyber security index score of 74.68/100. Contributing to Nigeria’s top ranking is that it has the lowest number of compromised computers per 100,000 internet users (62) among all African countries reviewed. Computers that have been infected with the Gamarue botnet open doors to hackers and make it easier for them to take control of your business data and devices. Nigeria also has the fourth lowest DDOS attacks among all African countries reviewed, with an average of 21 attacks per 100,000 internet users. 

With an astonishing average of 5,588 compromised computers per 100,00 internet users, Tunisia ranks as the least cyber-secure African country with a cyber security index score of only 50.92. 

Please find the full data including all countries here. Please find images for editorial use here. 

Top 5 most cyber secure countries in the world

Rank	Country	DDOS  attacks  per 100,000 Internet Users	Phishing  sites  per 100,000 urls	Malware  hosting sites  per 100,000 urls	Compromised  computers   per 100,000 internet users	Cyber security score (/100)
1	Honduras	40	90	120	413	89.55
2	South Korea	59	100	560	13	88.85
3	Japan	12	150	730	21	87.49
4	Costa Rica	41	180	270	712	84.81
5	Guatemala	112	20	300	516	84.47

Honduras ranks as the most cyber-secure country for businesses to allow employees to remotely work from, with a total cybersecurity score of only 89.55 out of 100. Contributing to its top ranking is that it is home to one of the lowest average number of DDOS attacks and phishing sites in the world, making businesses more assured of their cyber security. 

In second place is South Korea, where there are only 13 compromised computers per 100,000 internet users which aids its overall cyber security score of 88.85/100. 

Another East Asian country, Japan ranks third as the most cyber-secure country in the world. With an overall cyber security score of 87.49, the country has the lowest DDOS attacks per 100,000 internet users (12) among the top 5 most secure countries. This is an important factor for businesses to consider as successful DDOS attacks could block your business sites and bring down all servers and connections you depend on. 

Please find the full data including all countries here. Please find images for editorial use here.

Venky Sundar, Founder and President of Indusface comments on working remotely across the world: 

“Attracting top talent through remote work can revolutionise your business. However, it also leaves your sensitive data and assets vulnerable to hackers. Therefore, it is important to be prepared to address remote work security risks. There are a few points when recruiting talents globally: 

“Firstly, you could consider which countries are least targeted by hackers and least risk to your cyber security. 

“Secondly, look at regulations that govern data security. For example, GDPR is probably the gold standard when it comes to data security. 

“Thirdly, research law enforcement. This indicates how quickly people will be punished when committing cybercrime. 

“Fourthly, get to know the government grants. Cybersecurity grants are provided to SMBs who tend to be more susceptible to attacks. 

“Fifthly, the level of cybersecurity awareness in the generation also affects how likely hackers would commit cyber crimes.” 

Venky Sundar, Founder and President of Indusface provides six  top tips for businesses who apply remote or hybrid working:

“There is no one way to secure remote working but instead you should make remote work access security an integral part of your employee’s ongoing training and workplace culture. Here are eight  best practices for secure remote working within your business: 

1. Create strong authentication 

It starts by identifying the remote worker before a worker can access corporate data and assets. From this, you can build audit trails of the actions against the identity.

2. Update your systems and encrypt your devices

Outdated technology could open doors to hackers with credential information like credit cards being stolen. Cases like this will have a fatal hit on your business’s reputation as well as cyber security. It is highly recommended that all your devices be updated and encrypted with SSL certificates. 

3. Conquer internal security risks

Working habits could lead to malware or ransomware attacks that could put your company and your clients at risk. We really recommend hosting full employee training on cyber security and making it fun. You could get your team engaged in the training by setting up phishing email simulators so they could see the potential dangers in action. 

4. Avoid weak or duplicate passwords

Many businesses share duplicate passwords for multiple accounts. Research shows hackers rely on weak passwords when brute forcing PoS terminals. Use an automatic password generator to create safe and secure passwords companywide. 

5. Only upload files to secure systems

Hackers could upload their own files with malicious code that can be executed directly on your server. Therefore, it is important to avoid storing data in unencrypted storage, leaving data on devices without password protection, and attaching sensitive information directly into an email. 

6. Secure web application security

Using a combination of open-source CMS and cloud-based apps increases your remote work risks. It should be considered as part of your security policy to approve web app purchases and free downloads.

We kindly ask that if you use this data you include a link to https://www.indusface.com/,  as a linked credit allows us to keep supplying you with data you might find useful.  A linked credit allows us to keep supplying you with future content that you may find useful.

Methodology

1. Indusface conducted the following research analysing historical cyber attack data per country to find the most secure countries to work from.

2. Firstly, detected cyber attacks between 2015-2021 were sourced from the Digital Attack Map. The dataset was subsequently cleaned and aggregated by country to find the total number of attacks and the distribution of attacks by attack type.

3. Then, Python data mining tools were used to extract cybersecurity statistics from over 90 Microsoft Security Intelligence reports (2017)  resulting in a comprehensive dataset containing the number of phishing sites, malware hosting sites, compromised computers (part of gamarue botnet). 

4. Phishing sites and malware hosting sites data collected above was presented on a per 100,000 urls basis, and compromised computers and DDOS attacks were presented per 100,000 internet users.

5. An index score of cyber security score was then computed taking into account the above four factors to assess the favorability of each country as a workation destination.

6. The data was collected in June 2023 and is correct as of then.

Source: https://www.indusface.com/,