Tech Mahindra and Sun Pharmaceuticals results declared
Posted by : Sheen Hitaishi | Wed Nov 02 2022

Tech Mahindra and Sun Pharmaceuticals declared their results on 01st November 2022. Here are some of the key takeaways from the results.
Tech Mahindra
- Tech Mahindra’s net profit for Q2FY23 was down 4% YoY at Rs 1,285 crore due to supply-side pressure. On a QoQ basis, profits grew 13.6%.
- Consolidated revenue for Q2FY23 at Rs 13,129 crore was up 20.7%YoY and 3.3% sequentially, driven by growth in CME (communications, media, and entertainment) and the US geography, which grew by 10.3% and 18.4% respectively.
- Earnings before interest and tax (EBIT) stood at Rs 1,492 crore, down 9.7 percent YoY but up 6% sequentially. EBIT margin improved 40 basis points to 11.4% from the previous quarter.
- Tech Mahindra signed net new deals worth $716 million during Q2FY23. The TCV was lower than the $802 million signed in the preceding quarter and lower than the $750 million TCV signed in Q2FY22.
- Tech Mahindra also managed to see its attrition go down. For the Q2FY23 the attrition level was at 20%. In Q1FY23 it was 22 percent. The company added 5,877 employees in Q2, taking its total employee base to 163,912.
Management Speak
C P Gurnani, managing director and CEO, of Tech Mahindra “While market conditions evolve and supply-side challenges continue, we will strengthen our differentiated offerings to help customers in their transformation journey through our integrated & new-age solutions,” He further added that “Europe is a concern both from the currency movement and demand. We have seen customers telling us that sales are down and there is stress.”
You may also like: Nestle Q3CY22 results
Sun Pharmaceuticals
- Sun Pharma reported an over 11% rise in its consolidated net profit for Q2FY23 at Rs 2,262 crore, on higher sales in the domestic market, as compared to Rs 2,047 crore in Q2FY22.
- Sun Pharma witnessed a 14% rise in its total revenue from operations at Rs 10,952 crore in Q2FY23 from Rs 9,626 crore in Q2FY22.
- Sun Pharma’s forex gain i.e., gain on foreign currency transactions, rose sharply to Rs 241.4 crore in Q2FY23 versus Rs 76 crore in Q2FY22.
- Its India formulation sales came at Rs 34,600 million, up 8.5% over Q2FY22, whereas US formulation was up 14% YoY to $412 million.
- Global specialty sales crossed $200 million in Q2FY23, a growth of 27.5% over Q2FY22. Emerging Markets formulation sales stood at $259 million, up by 6.7% over Q2FY22 while rest of World formulation sales at $181 million, was lower by about 3.8% over Q2FY22, impacted by adverse currency movements.
Management Speak
Dilip Shanghvi, Managing Director of Sun Pharmaceuticals said, “For Q2, we recorded double-digit topline growth and strong margins driven by market share gain in India, sustained ramp-up of our global specialty business, and growth in Emerging Markets. Global specialty business has grown by 27.5% driven by Ilumya, Cequa, and Winlevi. We continue to focus on expanding our global specialty business and growing all our businesses.”
ABOUT THE AUTHOR
Ketan Sonalkar (SEBI Rgn No INA000011255
Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.
Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice
You may also like: Bharti Airtel, Tata Steel and L&T results declared

Related Posts
Cummins India Q4 Results 2025: Profits Decline 7% to ₹521 crores; ₹33.50 per Share Dividend Declared
Samvardhana Motherson Q4 Results 2025: Q4 Net Profit Dips 22.75% YoY; Bonus Shares Declared
3B Films IPO GMP: Day 1 IPO Live Updates
Suzlon Energy Q4 Results 2025: Q4 Net Profits Skyrockets 365%; Revenue Surges 73%
IRCTC Q4 Results 2025: Q4 PAT Soars 26% to ₹358 crores; ₹1 Per Share Dividend Declared
Som Distilleries & Breweries Q4 Results 2025: Revenue Fell 7.5% YoY; Check Key Insights