Monday, February 10, 2025

Tech Mahindra Q3 FY25: Headcount declined by 3,785 employees

Tech Mahindra, a leading IT services firm and part of the Mahindra Group, reported its Q3 FY25 financial results with a net profit of Rs 983 crore, marking a 92.6% year-on-year (YoY) increase.

However, sequentially, the net profit declined by 21.36% due to a higher base reported in the previous quarter from a one-time special income from the sale of assets.

The company’s revenue for the quarter stood at Rs 13,285 crore, a 1.4% YoY increase, but a 0.21% sequential decline.

Tech Mahindra Q3FY25: Headcount and Attrition Rate

Tech Mahindra’s headcount saw a net decline of 3,785 employees in Q3 FY25, bringing the total headcount to 150,488 compared to 154,273 in Q2 FY25.

On a year-on-year basis, the headcount increased by 4,238 from 146,250 in Q3 FY24.

The company has been actively onboarding freshers this fiscal year, with a target of hiring more than 6,000 freshers.

By Q2 FY25, Tech Mahindra had already added over 2,000 freshers, and in Q1 FY25, about 1,000 freshers were onboarded.

The attrition rate for Tech Mahindra increased to 11.2% in Q3 FY25, up 90 basis points (bps) YoY.

The last twelve-month (LTM) attrition rate also inched up to 11.2% from 10.6% in Q2 FY25.

The utilization rate stood at 85.6% in Q3 FY25, slightly down from 86.3% in Q2 FY25.

New Partnerships and Hiring Plans

Tech Mahindra announced several new partnerships in Q3 FY25, focusing on expanding its presence in key verticals and prioritized markets.

The company reported net new deal wins of $745 million, a 95% YoY increase.

These new deals are expected to contribute to the company’s revenue growth and margin expansion.

Tech Mahindra has outlined ambitious hiring plans for FY25, aiming to onboard more than 6,000 freshers.

The company’s focus on fresh talent is part of its strategy to address the rising attrition rates and to meet the growing demand for IT services.

The company’s CEO, Mohit Joshi, emphasized the importance of these hiring plans in achieving long-term goals and maintaining a competitive edge in the industry.

Mohit Joshi, said on the company’s performance, “We see an improved rate of deal wins in our key verticals and prioritized markets.”

He added, “This coupled with consistent expansion in operating margins, despite cross-currency headwinds during the quarter, reaffirms that we are on track to achieve our long-term goals.”


Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click HereGoogle News– Click HereYouTube – Click Here, and LinkedIn– Click Here.

Editorial

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Deloitte, PwC, EY, KPMG Outpace Global Growth for India Divisions

The Indian divisions of Deloitte, PwC, EY, and KPMG...

EPS-95 Higher Pension Update: Less Than 1% Cases Settled So Far

Supreme Court Ruling and EPFO’s Higher Pension Rollout The Employees’...

Strong Job Growth and Salary Increases Expected in IT Sector

India's IT sector is on track for significant growth,...

Must Read

EY invites applications from fresh graduates for Internships

One of the largest professional services, Ernst & Young...

National Human Rights Commission is hiring for Internships; Apply

The National Human Rights Commission (NHRC) is inviting applications...

How to Foster Allyship at Workplace

How to Foster Allyship at Workplace Do you remember your...

HUL has acquired ‘VWash’ from Glenmark Pharma

Hindustan Unilever Limited (HUL) has completed the acquisition of...

HCLTech Strengthens Leadership: Arjun A. Sethi Appointed

HCLTech, a leading global technology company, today announced the...

HCLTech sees headcount reduction in Q1FY24, defers pay hikes

HCLTech, a leading global technology company, announced its financial...

Alstom inaugurates new facility in Coimbatore, will create 10,000 Jobs

Alstom, a French multinational has inaugurated its new components...

Microsoft to open offices on January 19, 2021

Microsoft’s US offices won’t reopen until January 2021 at...

Related Articles

Sahiba Sharma
Sahiba Sharmahttps://sightsinplus.com/
Sahiba Sharma, Senior Editor - Content at SightsIn Plus