TechM 1Q23 Results First Cut by Aditi Patil, Research Associate, Prabhudas Lilladher Pvt Ltd

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TechM 1Q23 Results First Cut by 

Aditi Patil, Research Associate, Prabhudas Lilladher Pvt Ltd

 

Sharp decline in margins, Soft deal TCV

 

> Beat on revenue: TechM reported revenue of USD 1632 mn, 1.5% QoQ USD (Ple: 1.2%, Cons: 1.1%) and 3.5% QoQ CC (Ple: 2.7%, Cons: 2.8%)

 

> Communications vertical grew 1% QoQ USD and Enterprise vertical grew 1.6% QoQ USD.

 

> In Enterprise segment, growth was led by Technology (6.4% QoQ USD), Manufacturing (3.9% QoQ USD), Retail, Transport and Logistics (5.5% QoQ USD). BFSI declined by -2.9% QoQ USD on a high base in last quarter

 

> In terms of Geography, growth was led by US 4.4% QoQ USD. Europe declined by 1.9% QoQ USD. RoW declined by 0.4% QoQ USD.

 

> Miss on margins: EBIT Margins came at 11%, -220 bps QoQ (Ple: 11.2%, Cons:11.4%).

 

> Decline in deal TCV: Net new TCV was at USD 802 mn (-1.6% QoQ, -21% YoY).

 

> Net headcount addition of Software professionals low at 2,200 employees, 2.6% QoQ vs avg 4.3K addition per quarter in FY22. BPO headcount increased by 7.1% QoQ.

 

> IT LTM attrition trended down to 22% -200bps QoQ

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