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1Copyright © 2025 Tech Mahindra. All rights reserved. Earnings Presentation Q4 FY’25 March 2025 ++ >> ++ +++++++++++++++++++ +++++++++++++>>>+++ +++++++++++++++++++ Scale at Sf1=B e d TECH mal,indra
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2Copyright © 2025 Tech Mahindra. All rights reserved. Q4 FY25 Snapshot $ 1,549 Mn Revenue EBIT Margin PAT Margin Net New Deal Wins Free Cash flow 8.7% 10.5% $ 798 Mn $ 150 Mn ++++ ++>> ++++ TECH mal,indra
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3Copyright © 2025 Tech Mahindra. All rights reserved. FINANCIAL OPERATIONAL SEGMENT GEOGRAPHY Headcount 148,731 ( up 3,276) IT LTM attrition 11.8% (up 180 bps) Utilisation (incl. trainees) 86.3% (down 20 bps) Active Customers 1,162 (down by 10) EBIT % 10.5% (up 310 bps) PAT % 8.7% (up 350 bps) Revenue 0.0% (up 0.3% cc) Americas -4.7% Europe 5.1% ROW 4.8% Q4 FY25 Snapshot All trends are YoY, except where specified ++++ ++>> ++++ IT 1.1% BPS -5.5% CC refers to Constant Currency * IT – BPS revenue split re-instated post realignment of portfolio companies from IT to BPS t t t t t t t TECH mal,indra
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4Copyright © 2025 Tech Mahindra. All rights reserved. Q4 FY25 Snapshot All trends are QoQ, except where specified FINANCIAL OPERATIONAL SEGMENT GEOGRAPHY Headcount 148,731 (down 1,757) IT LTM attrition 11.8% (up 60 bps) Utilisation (incl. trainees) 86.3% (up 70 bps) Active Customers 1,162 (down by 13) EBIT % 10.5% (up 40 bps) PAT % 8.7% (up 130 bps) Revenue -1.2% (-1.5% cc) Americas -5.9% Europe 6.3% ROW 1.3% ++++ ++>> ++++ IT -0.3% BPS -5.8% CC refers to Constant Currency t t t t t t TECH mal,indra
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5Copyright © 2025 Tech Mahindra. All rights reserved. FY25 Snapshot $ 6,264 Mn Revenue EBIT Margin PAT Margin Net New Deal Wins Free Cash flow 8.0% 9.7% $ 2.7 Bn $ 613 Mn ++++ ++>> ++++ TECH mal,indra
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6Copyright © 2025 Tech Mahindra. All rights reserved. FINANCIAL OPERATIONAL SEGMENT GEOGRAPHY Headcount 148,731 (up 3,276) IT LTM attrition 11.8% (up 180 bps) Utilisation (incl. trainees) 86.1% (down 30 bps) Active Customers 1,162 (down by 10) EBIT % 9.7% (up 360 bps) PAT % 8.0% (up 350 bps) Revenue -0.2% (up 0.3% cc) Americas -2.4% Europe 0.1% ROW 4.1% FY25 Snapshot All trends are YoY ++++ ++>> ++++ IT -0.3% BPS 0.2% CC refers to Constant Currency * IT – BPS revenue split re-instated post realignment of portfolio companies from IT to BPS t t t t t t t TECH mal,indra
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7Copyright © 2025 Tech Mahindra. All rights reserved. Vertical Performance Q4 FY25 VERTICALS Communications Manufacturing Banking, Financial Services & Insurance Technology, Media & Entertainment Retail, Transport & Logistics Healthcare & Lifesciences Others % SHARE 33.2% 17.0% 16.7% 13.2% 8.1% 7.3% 4.5% % YoY -2.2% -5.5% 6.0% -4.1% 10.3% 2.3% 12.3% %QoQ 1.0% -0.2% 2.4% -8.2% -0.4% -5.6% -5.2% Vertical Performance FY25 VERTICALS Communications Manufacturing Banking, Financial Services & Insurance Technology, Media & Entertainment Retail, Transport & Logistics Healthcare & Lifesciences Others % SHARE 33.1% 17.3% 16.1% 13.9% 7.9% 7.5% 4.3% % YoY -5.0% -1.6% 4.3% -0.4% 4.4% 3.7% 16.0% +- TECH mal,indra +
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8Copyright © 2025 Tech Mahindra. All rights reserved. Management Commentary Mohit Joshi CEO, Tech Mahindra This year, we laid a strong foundation for our transformation journey. Through strategic investments in our people, leadership, and capabilities, we have positioned ourselves to accelerate our strategic roadmap. Our deal wins at $2.7 billion, reflect a 42% year-on-year increase and are a clear validation of the depth of our client partnerships. ++++ ++>> ++++ '' TECH mal,indra
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9Copyright © 2025 Tech Mahindra. All rights reserved. Deal-Win Performance Total TCV Q4 FY25: $ 798 Mn ++++ ++>> ++++ Selected by a leading Americas based Telco to enhance customer experience , reduce churn and improve efficiencies across its wireless and wireline service offerings. Selected by a leading retailer in the US to serve as a strategic extension of its technology team. TechM to establish a Global Engineering Center for Data and Insights, that will act as a hub to implement advanced analytics and AI driven programs for the client. Signed a lab asset takeover deal with a Tier-1 Telco in US. Deal positions us as one of the largest one stop device test and certification lab for the US market, with ability to support global smartphone OEMs, IOT module makers and chipset manufacturers focused on launching 5G / next-gen wireless enabled devices. Secured a milestone deal in the Compute Infrastructure space with a leading US- based aerospace company, that involves managing compute instances using advanced technologies like Containers-as- a-Service (CaaS) and Platform-as-a- Service (PaaS). Selected by a US based healthcare technology provider, providing public health solutions to the Medicaid population for a CMS Interoperability mandate. TechM will be the reseller, implementation and support partner of the SaaS interoperability solution, helping the client onboard their customers seamlessly. Selected by a global leader in enterprise apps to provide managed TechOps services for the end customers of its flagship enterprise platform, covering the entire lifecycle of their Private Cloud Infrastructure—including Build, Migrate, Operate, and Decommission. TECH mal,indra
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10Copyright © 2025 Tech Mahindra. All rights reserved. Strategic Highlights: AI Generative AI Use Case Validation And Evaluation: Methodologies And Key Considerations Featuring Research From Forrester 5+ Recognitions from the Industry, Media, and Analysts Strategic Collaboration Tech Mahindra and NVIDIA Collaborate to Advance Drug Safety with Agentic AI-Powered Pharmacovigilance Solution Solution Launches and Updates Our GenAI expertise reflects in our client engagements 35% Gen AI opportunities 188+ Qualified AI & IA opportunities 51,000+ Talent enabled on AI/Gen AI • Snapdragon X launch: Project Indus and AI tutor with Manav demonstrated on Qualcomm PC • TechM to Transform Autonomous Network Operations with New Large Telco Model based on NVIDIA AI Enterprise and AWS Cloud Infrastructure • TechM and AWS Collaborate to Transform Telecom Networks with Generative AI • TechM Announces Integration with ServiceNow to Deliver GenAI-Powered Enterprise Service Management Solutions • TechM Announces AI Center of Excellence, Powered by NVIDIA AI Enterprise and Omniverse Platforms Partnering with Hyperscalers and OEMs Drive Enterprise AI Innovation Tech Mahindra Integrates IndusQ LLM with Qualcomm AI Hub to Drive Enterprise AI Innovation World’s Top Media Powerhouse AIM has featured “Project Indus” in its March 2025 edition of AIM Print Tech Mahindra Bridges India's Language Gap with AI - An Intel Testimonial NVIDIA & Tech Mahindra: Pioneering the Future of Generative AI & Sovereign LLMs Tech Mahindra won the 15th Edition of Aegis Graham Bell Award in the Innovation in GenAI category Launching Soon Unveiling the new AI narrative to bring out TechM’s capability and competency in AI and to deliver it right for customer, client, partners and more 24000+ GitHub Copilot Trained Tech Mahindra and NVIDIA Collaborate to Advance Drug Safety with Agentlc Al-Powered Pharmacovigilance Solution • Tech Mahindra Integrates lndusQ UM with Qualcomm Al Hub to Drive Enterprise Al Innovation AEGIS GRAHAM BELL AWARDS /\V/\S/\N T Tech Mahin<fra Bridges India's Language Gap wit Al An Intel Corporat ion Testimon ial ive TECH mal,indra Al Delivered Right
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11Company Confidential | Copyright © 2024 Tech Mahindra. All rights reserved. Strategic Highlights: Brand Awareness & Perception The 2025 World Economic Forum is historic in Tech Mahindra's story as we unveil our very own pavilion for the first time. Inauguration of new APJ corporate office in Sydney Inauguration of BPS’s newest office in Mumbai Inauguration of Manufacturing Xperience Center in Chennai Launch of Opening of Americas Headquarters in Plano, Texas Tech Mahindra at Mobile World Congress 2025, Barcelona C.tO'l a~ rshlp TECH m.,J, Jndrci Tech Mahindra lnclude<I in the Prestigious 'A' List of Both CDP Climate Change and CDP Water Security Disclosu re 2024 1111 TECM mah1ndra Tech Mat11ndra Recognized as a LEADER in Everest Group's PEAK Matrix ' Assessment on Quality Engineering Services for Al Applications and Systems LEADER Brand Finance Tech Mahindra SoLidifies its Position Among the TOP / TECH mah lndra 10 GLOBAL IT SERVICES BRANDS in the Annual Brand Finance Ranking Mohit Joshi Wins the 'Icon of Exce llence 2025 ' Award Dy Forbes lnd,a TECH miah lndrcJ
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12Copyright © 2025 Tech Mahindra. All rights reserved. Other Highlights NEW LAUNCHES, PARTNERSHIPS & COLLABORATIONS ++++ ++>> ++++ Tech Mahindra expanded its long-term strategic partnership with Google Cloud to boost the adoption of AI and to lead digital transformation globally, combining TechM’s deep domain expertise with Google Cloud’s AI capabilities, AI development platform, and agentic AI technology. Tech Mahindra inaugurated an advanced Manufacturing Xperience Centre at its campus in Chennai, helping customers quickly prototype and scale AI-driven innovations to address industry challenges such as high operational costs, process inefficiencies and supply chain disruptions. Tech Mahindra announced the launch of its ‘TechM Consulting’ service line. The service offering aspires to be a trusted advisor and results enabler for its clients based on its ability to support their evolution and transformation. Tech Mahindra announced its membership in the AI-RAN Alliance - a global initiative committed to fostering the development and deployment of AI-driven solutions within Radio Access Networks (RAN), enabling TechM to help its customers, enterprises, and partners navigate the evolving telecom landscape. Tech Mahindra announced a strategic AI- led collaboration with Qualcomm Technologies, Inc. through the successful integration of its proprietary AI model, IndusQ LLM, into Qualcomm® AI Hub, a dedicated platform for on-device AI model deployment, placing TechM as the only GSI to achieve this integration. Tech Mahindra built a pharmacovigilance (PV) autonomous solution with NVIDIA AI software and powered by TechM's TENO framework to advance drug safety management by leveraging agentic AI and automation to enhance the accuracy, speed, and efficiency of PV processes. TechM Consulting ,, /4 , Cocreating Value Velocity • ( -~\ .-- ·• "' m.r::11,1ndr£1 . 0 eooo eo .. ~ nVIDIA . QualcoNW\ AI-R~N ALLIANCE TECH mal,indra
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13Copyright © 2025 Tech Mahindra. All rights reserved. Other Highlights NEW LAUNCHES, PARTNERSHIPS & COLLABORATIONS ++++ ++>> ++++ Tech Mahindra secured the first-ever licensing agreement for Cricket Wireless, an AT&T owned leading prepaid wireless provider, Point of Sale (POS) system, “Aktivate”, enabling TechM to integrate it into its comprehensive suite of solutions for wireless service providers globally. Rakuten Symphony signed MoUs with Tech Mahindra, Cisco Systems and Airspan Networks, enabling Airspan and TechM to resell Rakuten Symphony Open RAN software licences to telecos & enterprises globally. TechM will also serve as preferred systems integrator for Rakuten Symphony. Tech Mahindra announced a global strategic partnership with BEET, the AI-enabled global industrial IoT platform specialising in intelligent manufacturing enabling TechM to become a Master Certified Systems Integrator for the BEET Platform while positioning BEET as a Key Component of TechM’s Smart Factory Services. Tech Mahindra, Optus, Microsoft and Databricks partnered to implement a unified data platform (UDP), driving Optus’ accelerated data, applications, and system migration to the cloud enabling it to accelerate the implementation of next- gen technologies that leverage Gen AI/ML. Tech Mahindra signed a MOU with The Open University (OU), the UK’s largest university to drive innovation, skills development, and entrepreneurship. This strategic collaboration aims to bridge the gap between cutting-edge technology advancements by jointly advancing research in AI, Extended Reality (XR), Gen AI, and High-Tech solutions. Rakuten Symphony beet ~ cric eta [JI The Open W, University OPTUS TECH mal,indra
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14Copyright © 2025 Tech Mahindra. All rights reserved. Awards & People Highlights LTM IT attrition 11.8% Employee strength 148,731 – Received the Guidewire PartnerConnect Cloud Ready - AMER specialisation and the PartnerConnect BillingCenter, ClaimCenter, and PolicyCenter - APAC specialisations. – Achieved formal validation for Net-Zero targets by the Science Based Targets initiative (SBTi), placing TechM amongst elite group of very few Indian companies to secure SBTi validation for its Net-Zero goals. – Recognised with Gold Award in the organisational category for ‘India’s Most Sustainable Business of the Year’ at BW Sustainable World Conclave. – Recognised with Gold Award for the Best Tech Team of the Year (Organisation using HR Tech) at the BW People Tech Future Awards 2025. – Included in ‘A List’ for both CDP Climate Change and CDP Water Stewardship 2024 – Listed in the Top 5% for IT Services sector in the S&P Global Sustainability Yearbook 2025. – Recognised among Top 10 strongest IT Services brands globally and the ‘Top 5 Gainers’ in Brand Strength Index score by Brand Finance, moving up from 73.4 in 2024 to 77.3 in 2025 and brand rating improving from AA to AA+. AWARDS STRENGTH & ATTRITION ++++ ++>> ++++ TECH mal,indra
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15Copyright © 2025 Tech Mahindra. All rights reserved. Analyst Recognitions – Leader in SAP Ecosystem Partners 2025 -SAP S4HANA System Transformation - Large Accounts - (Germany & APAC), Managed Cloud Services for SAP ERP (APAC), SAP Application Managed Services (US, UK and Brazil), RISE with SAP Implementation Partners (Global), SAP SuccessFactors HXM Partner Services (Brazil) and SAP Business AI and Business Technology Platform (BTP) Services (Global) by ISG. – Leader in ServiceNow Ecosystem Partners 2025 - Innovation on ServiceNow (US, Europe, and AP&J), ServiceNow Managed Services (US and Europe), ServiceNow C&I (US), Managed Application Services - Large Enterprises (US and Germany), AI-powered Multicloud Implementation Services - Large Enterprises (US) and Implementation Services for Marketing and Commerce with AI Enablement – US by ISG. – Leader in Industry 4.0 Services PEAK Matrix® Assessment 2025 by Everest Group. – Leader in Microsoft AI and Cloud Ecosystem 2025 Data Fabric on Azure – Global by ISG. – Tech Mahindra’s Healthcare and Life Sciences (HLS) vertical recognised as a Horizon 3 Market Leader in the HFS Research Horizons Healthcare Payer Service Providers 2024 report and as a Star Performer in Everest Group’s ‘Healthcare Provider Digital Services PEAK Matrix® Assessment 2024’ report. – Leader in Mainframes - Services and Solutions 2025- Application Modernization Services- US Public Sector by ISG. – Leader in Digital Engineering Services 2025 - Design & Development (Products, Services and Experiences) (US and Europe), Integrated Customer / User Engagement (US and Europe) and Intelligent Operations (US and Europe), by ISG. – Leader in Supply Chain Transformation Services for Retail and CPG PEAK Matrix® Assessment 2025 by Everest Group. – Leader in CPG Digital Services 2024 RadarView by Avasant. – Leader in Agribusiness and Chemicals Services & Solutions 2025-Digital IT/OT , Supply Chain & Logistics and Sustainability & Innovation – Chemicals (US) by ISG. TECH mal,indra
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17Copyright © 2025 Tech Mahindra. All rights reserved. Financial Snapshot Q4 FY25 REVENUE ($ Mn) GROSS PROFIT ($ Mn) EBIT ($ Mn) PAT ($ Mn) DILUTED EPS (Rs) FCF ($ Mn) CASH & EQUIVALENTS ($ Mn) ROCE % 114 159 163 Q4'24 Q3'25 Q4'25 79 116 136 Q4'24 Q3'25 Q4'25 7.5 11.1 13.2 Q4'24 Q3'25 Q4'25 949 799 896 Q4'24 Q3'25 Q4'25 14.6% 20.2% 22.6% Q4'24 Q3'25 Q4'25 129 199 150 Q4'24 Q3'25 Q4'25 418 452 452 Q4'24 Q3'25 Q4'25 1,548 1,567 1,549 Q4'24 Q3'25 Q4'25 TECH mal,indra
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18Copyright © 2025 Tech Mahindra. All rights reserved. Operational Snapshot Q4 FY25 HEADCOUNT UTILISATION (including trainees) IT ATTRITION (LTM) HEADCOUNT MIX (Onsite) ACTIVE CLIENTS TOP 10 CLIENTS 50 Mn+ CLIENTS DSO 145,455 151,358 148,731 Q4'24 Q3'25 Q4'25 86.4% 85.6% 86.3% Q4'24 Q3'25 Q4'25 10.0% 11.2% 11.8% Q4'24 Q3'25 Q4'25 25.2% 22.7% 22.1% Q4'24 Q3'25 Q4'25 25.9% 24.2% 24.5% Q4'24 Q3'25 Q4'25 23 25 25 Q4'24 Q3'25 Q4'25 92 88 88 Q4'24 Q3'25 Q4'25 1,172 1,176 1,162 Q4'24 Q3'25 Q4'25 TECH mal,indra
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19Copyright © 2025 Tech Mahindra. All rights reserved. Financial Snapshot FY25 REVENUE ($ Mn) GROSS PROFIT ($ Mn) EBIT ($ Mn) PAT ($ Mn) DILUTED EPS (Rs) FCF ($ Mn) CASH & EQUIVALENTS ($ Mn) ROCE % 380 607 FY24 FY25 284 502 FY24 FY25 26.6 47.9 FY24 FY25 949 896 FY24 FY25 12.5% 21.3% FY24 FY25 676 613 FY24 FY25 1,555 1,761 FY24 FY25 6,277 6,264 FY24 FY25- TECH mal,indra
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20Copyright © 2025 Tech Mahindra. All rights reserved. Operational Snapshot FY25 HEADCOUNT UTILISATION (including trainees) IT ATTRITION (LTM) HEADCOUNT MIX (Onsite) ACTIVE CLIENTS TOP 10 CLIENTS 50 Mn+ CLIENTS DSO 145,455 148,731 FY24 FY25 86.4% 86.1% FY24 FY25 10.0% 11.8% FY24 FY25 26.2% 23.3% FY24 FY25 26.6% 24.5% FY24 FY25 23 25 FY24 FY25 92 88 FY24 FY25 1,172 1,162 FY24 FY25 TECH mal,indra
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21Copyright © 2025 Tech Mahindra. All rights reserved. Other Financial Highlights CASH CONVERSION TREASURY OTHERS Q4’25 Free cash flow $150 M FY25 Free cash flow $613 M Hedge book $ 2.0 Bn Q4’25 Tax rate 22.0% FY25 Tax rate 24.8% Q4’25 USD/INR average exchange rate 86.53 ++++ ++>> ++++ Final Dividend @ Rs. 30 per share Dividend for the year @ Rs. 45 per share DSO 88 days ~ j[ 0 0 ° ll • • • TECH mal,indra
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22Copyright © 2025 Tech Mahindra. All rights reserved. Financial Summary Q4 FY25 in $ Mn Q4FY25 QoQ YoY Revenue 1,549 -1.2% 0.0% EBIT 163 2.8% 43.6% EBIT % 10.5% Other Income 20 940.8% -55.5% Miscellaneous + Interest Income 24 Exchange Gain / (Loss) (4) Profit Before Tax 170 11.4% 47.6% Provision for tax 37 Profit After Tax 136 17.3% 70.8% PAT % 8.7% EPS (Basic) in Rs 13.17 EPS (Diluted) in Rs 13.15 ++++ ++>> ++++ TECH mal,indra
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23Copyright © 2025 Tech Mahindra. All rights reserved. Financial Summary FY25 in $ Mn FY25 YoY Revenue 6,264 -0.2% EBIT 607 60.0% EBIT % 9.7% Other Income 101 -8.2% Miscellaneous + Interest Income 130 Exchange Gain / (Loss) (28) Profit Before Tax 668 71.8% Provision for tax 166 Profit After Tax 502 76.7% PAT % 8.0% EPS (Basic) in Rs 48.00 EPS (Diluted) in Rs 47.91 ++++ ++>> ++++ TECH mal,indra
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24Company Confidential | Copyright © 2024 Tech Mahindra. All rights reserved. 24 Copyright © 2025 Tech Mahindra. All rights reserved.