Indian IT Company Tech Mahindra has announced its quarterly results and reported a consolidated net profit of ₹972 crores for the first quarter of fiscal 2021, up 1.4% year-on-year.
Key Highlights of Tech Mahindra Q1 Results
- Revenue at ₹ 9,106 crore; down 4.0% QoQ, up 5.2% YoY
- Total Employees in Tech Mahindra reduced 1st time. Total headcount at 123,416; down 1,820 compared to the previous quarter—the drop in headcount a combination of voluntary and involuntary attrition.
- As per Quarterly results, as of Q1FY21, there are:
- 71,020 Software Professionals
- 45554 BPO Professionals
- 6842 Sales and Support Employees
- Tech Mahindra Communication vertical brought the highest revenue in this quarter
- Tech Mahindra won deals worth $300 million during the quarter, with $100 million worth of communication contracts and $190 million in enterprise space.
- The BPO business dropped 13% quarter-on-quarter, but the company expects it to recover as the second quarter revenues have started increasing.
Tech Mahindra Work From Home (WFH) announcement
- Manoj Bhat, CFO, Tech Mahindra said that Tech M would eventually have 25% – 30% of its employees work from home(WFH).
- After announcing the first quarterly results, he said, “Now more than 90 percent of people are working from home. Customers appreciate that we have been able to meet expectations in terms of service delivery. To me, overall long term, 25-30 percent will be permanent WFH.”
- Indian Top IT Companies have a different thought process when it comes to Work From Home.
- For instance, Infosys is waiting for more Covid-19 data before making any decisions; similarly, HCL Chief Human Resources officer said that working from home for a longer time is not healthy, neither physically nor mentally.
- He added that in the office, employees meet people and get some fresh air, but when they work from home continuously, we believe that it is not healthy in the longer run.