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<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a>

Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

Mumbai, <keyword id="6357096" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> (M&amp;M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in September quarter 2023-24. The Mumbai-headquartered company had posted a PAT of Rs 2,209 crore in the July-September period of last fiscal, M&amp;M said in a statement. Revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter this fiscal, it added. The company said it witnessed robust performance across all businesses except Tech <keyword id="45224" type="General" weightage="20" keywordseo="Mahindra" source="Orion">Mahindra</keyword> which was impacted by weak demand and exits from non core accounts. "During second quarter, operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions," M&amp;M Managing Director &amp; CEO Anish Shah said in a regulatory filing. Tech Mahindra had a tough quarter, the company is now initiating the transformation journey in the business, he added. In the automotive sector, the company said its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the September quarter. "We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&amp;M Executive Director &amp; CEO (Auto and Farm Sector) Rajesh Jejurikar said. In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added. In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review, as compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent. Tractor sales were at 89,101 units in the quarter under review, as compared with 92,590 units in the same period a year ago, down 4 per cent. On a standalone basis, the company said its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter as compared with Rs 2,068 crore in the same period last year. Shares of the company were trading 1.84 per cent down at Rs 1,524.60 apiece on the BSE.

Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

<ul class="summary-list"><li>Almost half of Nvidia's $30 billion revenue in the second quarter came from four customers.</li><li>A tech analyst told BI that this concentration of revenue is "highly unusual" for a mega-cap company.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-q2-earnings-ai-investors-expectations-2024-8">Nvidia notched $30 billion in revenue</a> for the second quarter, beating many analysts' estimates for the period. Nearly half of that came from four customers, according to an <a target="_blank" class="" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001045810/78501ce3-7816-4c4d-8688-53dd140df456.pdf">SEC filing</a> from the company.That should keep investors on alert for the next year or two, Gil Luria, a tech analyst who covers Nvidia for D.A. Davidson, an investment firm, told Business Insider.According to the company filing, just four customers brought in 46% of Nvidia's total Q2 revenue — about $13.8 billion.The companies are kept anonymous in the filing. There's no disclosure law that requires Nvidia to reveal its clients' names, Luria told BI.But the customers are likely to be <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-gpu-targets-1-8-million-ai-chips-this-year-2024-4">Microsoft</a>, <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-mark-zuckerberg-ai-chips-gpus-meta-2024-2">Meta</a>, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nvidia-aws-ai-chip-dominance-gpu-trainium-inferentia-2024-5">Amazon</a>, and <a target="_blank" class="" href="https://developer.nvidia.com/blog/google-cloud-run-adds-support-for-nvidia-l4-gpus-nvidia-nim-and-serverless-ai-inference-deployments-at-scale/#:~:text=Google%20Cloud%20was%20the%20first,GKE)%2C%20and%20Vertex%20AI.">Google</a>, Luria said. All four companies are known to be ramping up their GPU stockpiles as they aggressively pursue AI initiatives."The only way that they're not the four is if one of their customers is a reseller," Luria said, naming Dell and Supermicro as examples.An Nvidia spokesperson declined to comment, and none of the four purported customers responded to requests for comment.Luria said it's "highly unusual for a company" at Nvidia's scale to lean on a handful of clients for a large chunk of its revenue."None of the other mega caps even have one 10% customer," the tech analyst told BI, referring to large companies with a market capitalization of more than $200 billion. As of Wednesday, <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-3-trillion-club-apple-microsoft-jensen-huang-2024-6">Nvidia's market cap</a> was $2.61 trillion.Luria maintained a Hold rating for Nvidia stock, citing concerns around the sustainability of demand.Jacob Bourne, a tech analyst for Emarketer, told BI that the high concentration of revenue may be unusual within the context of the broader marketplace. But he said it's normal for tech companies that provide a specialized product, like graphics processing units. Emarketer is a subsidiary of Axel Springer, which also owns BI.Nvidia said in a 10-Q filing that it has experienced periods where the company saw a significant amount of revenue from a limited number of customers and that "this trend may continue."In 2004 — when Nvidia was bringing in a fraction of the revenue it's seeing today — the <a target="_blank" class="" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001045810/ac23c11f-a5bf-40d7-be57-051de2280872.pdf">company's 10-Q filing</a> showed that just four unnamed customers brought in 51% of its total revenue in the third quarter. At the time, Nvidia was working with PC manufacturers like Dell and Sony to provide GPUs for computer and gaming systems.Luria told BI that Nvidia has historically maintained the same big four customers — Microsoft, Meta, Amazon, and Google — in its data center segment. But they have typically been balanced by Nvidia's gaming and auto segments, which have different customers."Customer concentration has increased for NVDIA recently because the data center business is now a much bigger proportion of overall revenue," Luria said.He said this customer concentration should be investors' primary concern for the next year or two for three key reasons:<h2 id="19794bc8-2282-4325-ab93-849ca43c06d0">1. Large companies don't rely on a single source</h2>Big companies "don't like being beholden to one vendor for any category," Luria said."Just like Walmart doesn't buy all of its potato chips from one vendor, Microsoft doesn't like buying its computer chips from one company," he said.Microsoft has made that clear before, Luria added, citing how the company gradually moved away from Intel as its sole provider for processors.<h2 id="e614e1af-bc45-45a4-b47a-21a151d95099">2. The Nvidia demand could be temporary</h2>Another reason investors should be concerned is that these large Nvidia customers have indicated that they are buying more GPUs without concern for their immediate return on investment, Luria said.The companies "have communicated that they are 'over-investing,' which means they are buying without regard for a return on investment, usually not something that lasts very long," Luria said.<a target="_blank" class="" href="https://www.businessinsider.com/meta-q1-results-ai-investment-payoff-mark-zuckerberg-2024-4">Meta CEO Mark Zuckerberg</a> told shareholders during an earnings call in April that any upside to his company's AI pursuits will likely "take several years" — so the current feeding frenzy for Nvidia chips from the large clients could be temporary.That doesn't mean Nvidia will lack customers.Bourne, the Emarketer analyst, told BI that Nvidia has a long list of clients, from countries to startups, that want to buy the company's chips."Just because currently there's these handful of companies that are really making up the lion's share of Nvidia's revenue, it doesn't mean that that's always going to be the case," he said. "We might see an influx of new big customers and, of course, nation-states could be among those buying a significant number of these chips."<h2 id="826161f9-8f1d-46a0-8b89-afbb0ad1d4c3">3. Increasing competition</h2>There's also more competition coming for <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-defends-dominance-competition-increases-2024-6">Nvidia</a>.<a target="_blank" class="" href="https://fortune.com/2024/04/11/meta-google-ai-chips-semiconductor-in-house-nvidia-trillion-dollar-question/">Google and Meta</a> announced new in-house chips for AI development earlier this year; Microsoft unveiled its custom AI chips at the end of 2023; and Amazon is developing its own chips to avoid paying for the expensive Nvidia GPUs, BI's Eugene Kim previously reported."All of these companies are in various stages of deploying their own chips for AI," Luria said. "Google and Amazon have been doing so the longest which means their technology is already competitive with Nvidia, and Microsoft and Meta are catching up."

Investors should worry that almost half of Nvidia's revenue in the second quarter came from just 4 customers, according to a tech analyst

IT firm <keyword id="20282491" type="General" weightage="20" keywordseo="Happiest-Minds-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Happiest Minds Technologies" meta.hostid="261" meta.entityid="Happiest Minds Technologies">Happiest Minds Technologies</keyword> reported a 24.83 per cent increase in consolidated net profits at Rs 71.98 crore for the quarter ended March 2024, and said it expects to encash on its newly launched GenAI business unit. According to a stock exchange filing, the company clocked a profit of Rs 57.66 crore in the year-ago period. Revenue from operations for the reporting quarter stood at Rs 417.29 crore, as against Rs 377.98 crore in Q4FY23, translating into a 10.4 per cent rise. Revenue for the quarter was led by the edutech vertical (22.3 per cent), followed by healthcare (16.1 per cent). Executive chairman Ashok Soota said the newly created Gen AI business unit, the creation of six new industry groups, and the successful closure of two acquisitions have put the company back on course towards accomplishing its 'long-term vision of USD 1 billion in revenues by FY31'. Annual profits saw a 7.53 per cent rise to Rs 248.39 per cent, as compared to the previous fiscal's Rs 230.99 crore. Revenue for financial year 2023-24 was at Rs 1,624.66 crore, a 13.66 per cent climb over FY23's Rs 1,429.29 crore. "Happy to report a full-year revenue growth in constant currency of 11 per cent and EBITDA of 24.6 per cent. I am proud of our performance, especially in the face of a challenging year faced by our industry. "Acquisition of PureSoftware Technologies and Macmillan Learning should help us in our growth story while delivering value to all our stakeholders," MD and CFO Venkatraman Narayanan said. He gave an estimated growth guidance of 35-40 per cent for FY25. Happiest Minds Technologies has signed a definitive agreement to acquire 100 per cent equity interest in PureSoftware Technologies for a total purchase consideration of Rs 779 crore. The acquisition is expected to be completed before May 31, 2024. The company's headcount as of Mar 31, 2024 was 5,168, at an attrition of 13 per cent. "For FY24, part of our headcount has come from the campus batch... our latest batch is ready for deployment... for fresher hiring, we are being agile in approach in going back to campus, we will take a call around August... Given the nature of digital space, there is wide range of technologies... and based on the demand, we do need to go and bring people on board," <keyword id="20282489" type="General" weightage="20" keywordseo="joseph-anantharaju" source="keywords">Joseph Anantharaju</keyword>, executive vice chairman, said. He further said the company's deal pipeline continues to be strong, "there was a dip in Q3 but Q4 was reflective of the changes that we made... our efforts around GenAI are really paying off". In October last year, the company established a new business unit, Generative AI Business Services (GBS). Soota said foray into GenAI is a transformational opportunity for the company. Anantharaju said the IT firm expects to see growth through account expansion and 'aggressive account mining'. Pre-tax profit (EBIT) at Rs 96.15 crore was up 21.18 per cent year-on-year. Soota, during the company's press conference, said FY25 is poised to be the company's best year since its IPO. The company recommended a final dividend of Rs 3.25 per equity share of Rs 2 each for the financial year ended March 31, 2024, subject to shareholders approval. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/indegene-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109888922.cms" target="_blank">Indegene IPO: Company details to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-zenbook-duo-review/articleshow/109875023.cms" target="_blank">Asus ZenBook Duo review – an excellent dual-screen laptop for multitaskers</a>

Happiest Minds Tech Q4 profit up 25% to ₹72 cr, co hopes to see growth in GenAI vertical

<ul class="summary-list"><li>US stocks tumbled on Wednesday, with the Nasdaq suffering its worst decline of 2024.</li><li>Tesla missed earnings estimates for the second quarter, and Alphabet's YouTube ad revenue missed.</li></ul>The technology sector led US stocks lower Wednesday, with the Nasdaq plunging 3% as it headed for its worst trading day of the year.Investors fled the tech sector amid disappointing earnings on Tuesday, with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-7">Tesla missing estimates</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> reporting that YouTube ad revenue fell short of expectations last quarter. Tesla shares were down more than 10% at 12:50 p.m. ET, trading at $220.85, while Alphabet shares fell 5% to $174.40."This is the fourth successive quarter of earnings misses, a first for Elon Musk's visionary EV maker," David Morrison, a senior market analyst at Trade Nation, said of Tesla in a note. "The question is how this will affect sentiment going forward? Will today's sell-off prove to be an isolated, knee-jerk reaction which quickly dissipates? Or could it poison the well as the Q2 earnings season picks up?"Investors are eyeing a slew of coming high-profile earnings reports, with Meta, Apple, and Amazon on deck to present their financials next week.On the economic front, Thursday will see the reveal of second-quarter GDP figures, and the Federal Reserve's favorite inflation measure is set to be published on Friday. The personal consumption expenditures index is expected to show inflation continued to cool last month, with prices rising by 2.5%. GDP, meanwhile, is expected to clock in at 2.1%, higher than the revised first-quarter reading of 1.4%.Here's where US indexes stood shortly after midday on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,456.69, down 1.78%.</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,015.58, down 0.85% (-342.51 points).</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,469.09, down 2.95%.</li></ul>Here's what else is going on today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-signals-flash-outlook-healthy-bull-rally-more-upside-2024-7">There are four bullish signals</a> pointing to more gains ahead for the stock market, Bank of America said.</li><li>There's a <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-the-big-rotation-trade-is-from-cash-to-stocks-2024-7">big rotation from cash to stocks</a> — and it could help push the S&amp;P 500 up 17% by the end of the year, according to UBS.</li><li>The stock market is approaching <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-q2-gdp-pce-earnings-drive-stocks-higher-2024-7">two catalysts that could help spark the next leg of the bull run</a>.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cut-outlook-inflation-housing-job-market-unemployment-economy-2024-7">The Fed is going to cut rates only once in 2024</a> as shelter inflation is too high and the job market remains too hot, Vanguard said.</li></ul>In commodities, bonds, and crypto:Oil futures were up. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil rose 0.9% to $77.65 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was up 0.7% to $81.57 a barrel.<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> inched higher 0.4% to $2,417 an ounce.</li><li>The 10-year Treasury yield dropped two basis points to 4.218%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> inched up to $66,723.</li></ul>

You Searched For "Tech Mahindra Q3 revenue" and got 5 results

Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

PTI

Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

PTI

Investors should worry that almost half of Nvidia's revenue in the second quarter came from just 4 customers, according to a tech analyst

Lloyd Lee

Happiest Minds Tech Q4 profit up 25% to ₹72 cr, co hopes to see growth in GenAI vertical

PTI

Nasdaq tumbles 3% in worst day of the year amid tech-earnings rout

Jennifer Sor

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