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New Indian Express
4 days ago
- Business
- New Indian Express
India-UK FTA is a signpost to the future: Anand Mahindra
BENGALURU: The recent Free Trade Agreement (FTA) between India and the UK, skillfully negotiated by both sides, is a signpost to the future, said Anand G. Mahindra, Chairman of the Mahindra Group, in his letter to Tech Mahindra shareholders. "It gives a heartening fillip to the services sector in India and will accelerate the IT industry's global growth momentum," he wrote in the letter, published in the company's annual report. Mahindra also touched upon the growing relevance of artificial intelligence (AI). He noted that while it's tempting to view AI as a fully developed tool capable of solving problems and driving growth, it still requires thoughtful use. "As with every gifted child, it requires care, nurture, guidance and a purposeful use of its brilliance to ensure that its potential is used productively. Used well, it can create extraordinary value, particularly for businesses like TechM (Tech Mahindra)," he said. The annual report also detailed changes in compensation across the company, including for top leadership.
Time of India
5 days ago
- Business
- Time of India
Tech Mahindra CEO Mohit Joshi earns Rs 54 crore in FY25
Tech Mahindra (TechM) chief executive officer (CEO) and managing director (MD) Mohit Joshi's total compensation in the financial year 2024-25 stood at Rs 53.9 crore, the company said in its annual report. The pay package includes a salary of Rs 11.4 crore, Rs 30.8 crore of perquisite value of the employee stock ownership plan (ESOP), and a variable pay of Rs 11.7 crore, the report showed. Joshi's package was significantly higher than the CEO of India's largest IT company, Tata Consultancy Services ( TCS ), K Krithivasan's earnings at Rs 26.5 crore (up 4.6%). This compares with immediate larger rivals Wipro CEO Srinivas Pallia's annual earnings at Rs 53.6 crore (up 10%), Infosys ' Salil Parekh's pay at Rs 80.6 crore (up 22%), and HCLTech's C Vijayakumar getting paid Rs 84.16 crore, being the highest in the industry so far. Vijayakumar and Joshi are based in the US. Joshi's earnings were 840.22 times the median employee salary, which represents the average of all employee salaries in the company. According to the annual report, there was a 6.52% reduction in the median remuneration of employees in FY25. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories His exact year-on-year (YoY) salary jump could not be directly compared due to his partial tenure in the previous year. Joshi joined as MD designate of TechM, the country's fifth-largest IT services, on June 20, 2023, and took over as MD & CEO with effect from December 20, 2023, following the retirement of former chief CP Gurnani. Joshi's initial base salary was decided as Rs 6.5 crore, with an equal annual variable compensation. The TechM chief is also entitled to an annual stock option grant of $3.5 million (approximately Rs 29 crore), vesting over three years, taking the likely total compensation even higher. Besides, as part of his stock-based compensation, he gets a one-time stock option grant of $2.5 million, 60 percent of which will vest once he finishes a year with the company, and the remaining at the end of two years. He also gets an annual 'overperformance bonus' of up to 70 percent of his variable compensation. He is also entitled to a joining bonus of $848,951 (Rs 6.96 crore).
Time of India
03-06-2025
- Business
- Time of India
Tech Mahindra signs deal with Netherlands-based Hanab for IT modernisation
Live Events India's fifth-largest IT services provider, Tech Mahindra (TechM), has entered into a multi-year partnership with Netherlands-based multi-service utility provider Hanab to modernise their IT infrastructure. The financials of the deal were not partnership aims to streamline operations and implement next-generation technologies to support Hanab's growth aspirations, the company said in a a multi-utility service provider focussed on infrastructure solutions in the fields of energy & utility, connectivity, and building installation, was recently acquired by European private equity (PE) firm Triton Partners For Hanab, TechM will help in the deployment of an IT Service Management (ITSM) platform to enable IT infrastructure separation from the parent company. Additionally, it will support cloud automation and IT modernisation programmes designed to manage and evolve their digital capabilities independently, the statement added.'Enterprises often face unique challenges like navigating complex legacy systems integration and managing constrained budgets while ensuring swift and seamless IT transitions. Our experience in managing complex carve-outs, coupled with proven frameworks for rapid IT modernisation, will ensure that Hanab can accelerate its go-to-market strategies, optimise its processes, and enhance its customer offerings,' said Mukul Dhyani, senior vice president, business head – continental Europe, partnership reinforces Tech Mahindra's commitment to strengthening its presence in the Netherlands.'This partnership is a pivotal step in enabling us to deliver greater value to our stakeholders, improve operational agility, and strengthen our market competitiveness,' said Eddy Spolspoel, chief financial officer (CFO) at deal comes along with India's largest IT services provider, Tata Consultancy Services (TCS), announcing a seven-year partnership with Europe-based Virgin Atlantic, and the fourth-largest software service provider, Wipro , signing a deal with US-based identity security solutions firm Entrust.
Time of India
05-05-2025
- Automotive
- Time of India
Strong SUV demand drives up M&M standalone net 22% in March quarter
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: In a sluggish market, homegrown auto major Mahindra & Mahindra (M&M) on Monday beat Street estimates to report a 22% increase in standalone net profit at ₹2,437 crore for the fourth quarter ended March 31, driven by strong demand for its range of from operations in the period under consideration rose 24% to ₹31,609 crore. During the quarter, the company sold 253,028 vehicles, which is an increase of 18% over the corresponding period of the previous fiscal year. While tractor sales increased 23% to 87,138 units, those of utility vehicles rose 18% to 149,000 the automotive division witnessing double-digit growth in volume sales, the company said it plans to set up a greenfield manufacturing facility to meet future demand by FY28. Current SUV capacity utilisation is already over 90%. Models such as the Thar Roxx and XUV 3XO are running at full capacity, while others such as the Bolero are operating below that company did not disclose the location or capacity addition planned at the new facility, but said expanding capacity is essential given it has a pipeline of new products scheduled for launch by Jejurikar, executive director & CEO (auto and farm sector), M&M, said: "We are coming up with a new greenfield facility because our current SUV capacity utilisation is already over 90%. We haven't yet finalised the exact capacity addition - that's still a work in progress. But with the new products we're planning to launch by 2030, it's clear we will need additional capacity."The company reported its highest-ever full-year market share in the tractor segment last fiscal, at 43.3%, an increase of 170 basis points over the previous year. The company's share in the SUV segment too rose by 210 basis points to 22.5%. Similarly, for light commercial vehicles (LCVs), market share increased by 290 basis points to 51.9%.Anish Shah, group CEO & managing director, M&M, said, "We have delivered strong growth on the back of stellar execution in FY25. Auto and farm continue to gain market share and expand profitability. TechM is making commendable progress towards its dual objectives of strengthening client positioning and margin expansion. MMFSL has maintained GS3 under 4% as committed, remains focused on controls, and has delivered 33% growth in profits. We continue to build strong businesses which will deliver significant value to our stakeholders."M&M Group CFO Amarjyoti Barua said it had been an "excellent year" with broad-based growth and profitability improvement across businesses. In line with their commitment to capital allocation, he added: "Our results include nearly ₹10,000 crore of cash generation in FY25, which gives us the ability to continue to drive value for our shareholders through strategic investments. We are happy to declare a 20% growth in dividend for FY26 on the back of this strong performance."
The Hindu
05-05-2025
- Automotive
- The Hindu
M&M Q4 PAT surges 22% to ₹2,437 crore
Mahindra & Mahindra Ltd. for the fourth quarter ended March 31, 2025 reported 22% growth in standalone net profit at Rs. 2,437 crore as compared with Rs 2,000 crore a year ago backed by volume growth in automobile and tractor businesses. For the quarter the company's revenues grew 24% Year on Year (YoY) to Rs 31,609 crore. Total vehicles volumes during the quarter grew 18% YoY to 2,53,028 units while tractor sales volume grew 23% YoY to 87,138 units. For FY25 the company's standalone net profit grew 11% YoY to Rs 11,855 crore while revenues grew 17% YoY to Rs 1,18,625 crore. Auto volumes annually grew 14% YoY to 9,41,115 units. Tractor sales volumes in FY25 grew 12% to 4,20,636 units. On a consolidated basis the company's net profit for the fourth quarter grew 20% YoY to Rs 3,295 crore. Revenues grew 20% to Rs 42,599 crore YoY. For FY25 the consolidated net profit was at Rs 12,929 crore, up 15% YoY and revenues grew 14 YoY to Rs 1,59,211 crore. Anish Shah, Group CEO & Managing Director, M&M Ltd. said, 'We have delivered strong growth on the back of stellar execution in F25. Auto and Farm continue to gain market share and expand profitability.' 'TechM is making commendable progress towards its dual objectives of strengthening client positioning and margin expansion. MMFSL has maintained GS3 under 4% as committed, remains focused on controls and has delivered 33% growth in profits. Our Growth Gems are scaling up well. We continue to build strong businesses which will deliver significant value to our stakeholders,' he said. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, 'We continued our outstanding performance for the year in Q4-F25, with significant gain of 310 bps YoY in SUV revenue share, and 480 bps YoY in LCV (3.5T) market share.' 'In Tractors, we reached our highest-ever Q4 market share of 41.2%, gaining 180 bps YoY. In F25, our Auto Standalone PBIT margin improved by 110 bps and core tractor PBIT margins improved by 200 bps,' he said.
