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– Revenue fell 4.2% sequentially in constant currency terms, higher than expectations of a 3.2% fall.

– EBIT margin at 13.3% up 10 bps sequentially, and in-line with expectations.

– Third straight quarter where Large Deal wins exceeded $200 million.

– Aspiration is to stay on $200 million worth large deal TCV every quarter.

– Expects FY26 revenue growth to be higher than that in FY25 du to strong pipeline and deal execution

– Tech Mahindra’s revenue grew by 0.3% year-on-year in FY25 on a constant currency basis

– Seeing sluggish momentum in the auto sector

– Reaffirmed its ambition to post a higher-than-peers revenue growth in FY27

– Tech Mahindra’s revenue in constant currency terms fell 1.4%, higher than the estimated fall of 0.7%

– EBIT margins though, continued to improve, coming in at 11.1%, compared to an estimate of 10.9%

– Net new deal wins stood at $809 million, higher than the previous quarter

– Trailing 12-month deal wins at $2.95 billion, up 44% from last year

Before results are reported later in the day, there will be reaction to results that were reported after market hours on Wednesday.

Prominent among those reactions will be Tech Mahindra, whose revenue missed estimates but margins improved, L&T Technology Services and Angel One.

Details on all of these in the upcoming posts.

Good Morning!

Earnings season picks up pace on the day of the Nifty 50 weekly options expiry with a slew of Nifty 50 and F&O stocks reporting their June quarter numbers today, along with some cash market names as well.

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