J O- = oi mt u

25" October, 2021

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai — 400 001 Scrip Code : 532755

National Stock Exchange of India Limited Exchange Plaza, 5" floor, Plot No. - C/1, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai — 400 051 NSE Symbol : TECHM

Sub: Outcome of Board Meeting held on October 25, 2021

Dear Sir/Madam,

Pursuant to Regulation 33 read with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Board of Directors of the Company at its meeting held today:

1. Approved the Audited financial results and consolidated financial results of the Company for the second quarter and half year ended 30" September, 2021, together with Auditors Report thereon.
1. Declared Special dividend of Rs. 15/- per equity share of Rs. 5/- each i.e. 300% of the face value.
1. Fixed 5" November, 2021 as the Record Date for determining the members entitled to receive the Special dividend.

The special dividend shall be paid on Monday, 22"! November, 2021 to equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of Depositories as beneficial owners of the shares as on Friday, 5" November, 2021.

In this regard, please find enclosed:

|. Audited financial results and consolidated financial results of the Company for the second quarter and half year ended September 30, 2021, together with Auditors Report thereon.
1. Press Release on the financial results.
1. Fact Sheet giving certain financial and operational parameters which will be put up on the Company's website.

This is for your information and record.

Thanking you,

For Tech Mahindra Limited

Encl.: as above

	Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001, Website : www.techmahindra.com Email: [email protected]. CIN: L64200MH1986PLC041370	Tech Mahindra Limited
	Consolidated Audited Interim Financial Results for the quarter and six months period ended September 30, 2021
							Rs. in Million except Earnings per share
			Quarter ended			Six months period ended	Year ended
	Particulars	September 30, 2021	June 30, 2021	September 30, 2020	September 30, September 30. 2021	2020	March 31, 2021
$\mathbf{1}$	Revenue from Operations	108,813	101,976	93,718	210,789	184,781	378,551
$\sqrt{2}$ 3	Other Income Total Income $(1 + 2)$	2,821 111,634	2,873 104,849	1,175 94,893	5,694 216,483	5,336 190,117	7,871 386,422

$\overline{\mathbf{4}}$	Expenses Employee Benefits Expenses	54,165	51,616	48,279	105,781	96.330	192.973
	Subcontracting Expenses	16.672	15.092	12,218	31.764	25.379	49,743
	Finance Costs	354	381	399	735	902	1,740
	Depreciation and Amortisation Expense	3,430	3,311	3,717	6,741	7,549	14,577
	Other Expenses	18,024	16,504	16,191	34,528	33,037	67,365
	Impairment of Goodwill and non-current assets						507
	Total Expenses	92.645	86,904	80.804	179,549	163,197	326,905
	5 Profit before share in profit/(loss) of associates/joint ventures and tax (3-4)	18,989	17,945	14,089	36,934	26,920	59,517
6	Share in Profit / (Loss) of Associates / Joint Venture	(8)	(2)	$\overline{4}$	(10)	5	12
$\overline{7}$	Profit before Tax $(5 + 6)$	18,981	17,943	14,093	36,924	26,925	59,529
8	Tax Expense (Refer note 5)
	Current Tax	5,613	4,845	4.150	10.458	8,253	18,115
	Deferred Tax	(41)	(559)	(688)	(600)	(1, 515)	(2.116)
	Total Tax Expense	5,572	4,286	3,462	9.858	6,738	15,999
	9 Profit after tax $(7 - 8)$	13,409	13.657	10,631	27.066	20,187	43,530
	Profit for the period attributable to: Owners of the Company Non Controlling Interests	13.387 22	13,532 125	10,646 (15)	26.919 147	20.369 (182)	44.280 (750)
	10 Other Comprehensive Income / (Loss)
	A. Items that will not be reclassified to Profit or (Loss) (net of taxes)	(47)	(81)	1,646	(128)	1,677	1,586
	B. Items that will be reclassified to Profit or (Loss) (net of taxes)	1,288	232	1,081	1,520	1.453	2,651
	Total Other Comprehensive Income / (Loss) (A+B)	1.241	151	2,727	1,392	3,130	4,237
	11 Total Comprehensive Income (9 + 10)	14,650	13,808	13,358	28,458	23,317	47,767

	Total Comprehensive Income for the period attributable to: Owners of the Company	14,670	13,629	13,318	28,299	23.494	48,415
	Non Controlling Interests	(20)	179	40	159	(177)	(648)

	12 Paid-up Equity Share Capital (Face Value of Share Rs. 5)	4.377	4.374	4,362	4.377	4,362	4,370
13	Total Reserves						244,280
	14 Earnings Per Equity Share (Rs)
	(EPS for the quarter and six months ended periods are not annualised)
	Basic	15.25	15.43	12.18	30.68	23.31	50.64
	Diluted	15.14	15.32	12.11	30.44	23.17	50.19
	Standalone Information
			Quarter ended			Six months period ended	Year ended
	Particulars	September 30, 2021	June 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020	March 31, 2021
	Revenue from Operations	84.649	79.315	74.044	163,964	145.691	296,409
	Profit before Tax	20,043	13,261	12,576	33,304	23,595	55,266
	Profit after Tax	15,595	9.862	9,615	25,457	18,157	42,391

Tech Mahindra Limited

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com
Email : [email protected]. CIN : L64200MH1986PLC041370
Consolidated Audited Interim Financial Results fo

Primary Segments

The Company identifies its Primary Business Segments based on the type of services offered, i.e. IT Services & BPO services.

Segment wise Revenue, Results and Capital Employed Quarter ended Six months period ended Year ended Darticulare September 30, September 30, September 30, September 30, June 30, 2021 March 31, 2021 2021 2020 2021 2020 Segment Revenue $a)$ IT 95 758 90 158 84,193 185 916 167861 340 495 $b)$ BPO 13.055 11.818 9.525 24873 16 920 38.056 Total Sales / Income from operations 108,813 101,976 93,718 210,789 184,781 378,551 Segment Profit before tax, interest and depreciation 17,574 16,244 14,947 33,818 27,451 60,421 $a)$ IT b) BPO 2,378 2,520 2.083 4,898 2,584 8,049 Total 19,952 18,764 17,030 38,716 30,035 68,470 Less: (i) Finance costs 354 381 399 735 902 1,740 (ii) Other un-allocable expenditure, net off un-allocable income 609 438 2,542 1,047 2.213 7,213 hh A Share in Profit / (Loss) of Associates / Joint Venture $(8)$ $(10)$ $12$ $(2)$ Profit before tax 18,981 17,943 14,093 36,924 26.925 59.529 September 30, June 30, 2021 | September 30, | March 31, 2021 Statement of Segment Assets and Liabilities 2021 2020 Segment Assets Trade and Other Receivables $\frac{1}{\pi}$ 98,996 95,115 90,624 89,331 RPO 12 178 11 658 9.127 11 201 100.532 111.174 106.773 99.751 Total Trade and Other Receivables Goodwill $\ensuremath{\mathsf{IT}}$ 40,786 41,010 32.870 34.462 5.620 RPO 7 349 7.423 3 7 4 5 48,433 36,615 40,082 48,135 Total Goodwill Unallocable Assets 249,980 265,432 246,130 256,166 TOTAL ASSETS 409,289 420.638 382,496 396,780 Segment Liabilities Unearned Revenue 6.732 7,276 6.161 6.503 IT $1,195$ 1.195 $1,127$ 1,197 RPO Total Unearned Revenue 7,927 8,471 7,288 7,700 Unallocable Liabilities 145,709 145,132 134 155 136 635 TOTAL LIABILITIES 153,636 153,603 141,443 144,335

Segmental Capital Employed

Segregation of assets into primary segments has been done to the extent applicable. Segregation of balance assets and liabilities into various primary segments has not been done as these are used interchangeably between segments. Accordingly no disclosure relating to such has been made.

Tech Mahindra Limited
Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com
Email : [email protected]. CIN : L64200MH1986PLC041370
Consolidated Audited Interi Consolidated Audited Interim Balance Sheet as at September 30, 2021 Rs. in Million As at
September 30, March 31, 2021 Particulars $2021$ ASSETS Non-Current Assets (a) Property, Plant and Equipment
(b) Capital Work-in-Progress 23,913 24,632 1,699 1,183 (c) Right-of-Use Asset 10,072
891 9,588 (d) Investment Property 846 (e) Goodwill 48,135 40,082 (f) Intangible Assets 14,508 15.057 (g) Investment accounted using Equity method $268$ (h) Financial Assets (i) Investments 5,478 7,280 (ii) Trade Receivables $59$ $25$ (iii) Loans
(iv) Other Financial Assets $\frac{47}{4,744}$ 47 6.894 (i) Income Tax Assets (Net) $21,713$ 20,288 (i) Income Tax Assets (Net)
(i) Deferred Tax Assets (Net)
(k) Other Non-Current Assets
Total Non - Current Assets 9,493 $9,133$ 12,206 12.865 157,198 $144,227$

Current Assets
(a) Inventories	408	242
(b) Financial Assets
(i) Investments	83,241	96,619
(ii) Trade Receivables	65,006	64,728
(iii) Cash and Cash Equivalents	28,771	26,904
(iv) Other Balances with Banks	1,599	1,448
(v) Other Financial Assets	41,352	33,281
(c) Other Current Assets	31,714	29,331
Total Current Assets	252,091	252,553

Total Assets .	409,289	396,780
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital	4,377	4,370
(b) Other Equity	247,139	244,280
Equity Attributable to Owners of the Company	251,516	248,650
Non controlling Interest	4,137	3,795
Total Equity	255,653	252,445
Liabilities
Non-current liabilities
(a) Financial Liabilities
(i) Borrowings	1,703	1,658
(ii) Lease liabilities	7,299	8,077
(iii) Other Financial Liabilities	6,134	9,225
(b) Provisions	8,878	7,810
(c) Deferred tax liabilities (Net)	1,071	761
(d) Other Non-Current Liabilities	1,530	1,725
Total Non - Current Liabilities	26,615	29,256
Current liabilities
(a) Financial Liabilities
(i) Borrowings	13,567	15,270
(ii) Lease liabilities	3,554	4,003
(iii) Trade Payables	36,959	27,850
(iv) Other Financial Liabilities	23,328	20,600
(b) Provisions	5,459	5,311
(c) Income Tax Liabilities (Net)	11,608	11,143
(d) Other Current Liabilities	20,242	18,598
Total Current Liabilities	114,717	102,775
Suspense Account (Net)	12,304	12,304
Total Equity and Liabilities and Suspense Account	409,289	396,780

Tech Mahindra Limited
Registered Office : Gateway Building, Apollo Bunder, Mumbal 400 001. Website : www.techmahindra.com
Consolidated Audited Interim Financial Results for the quarter and six months period ended September

	Six months period ended
	September 30, 2021	September 30, 2020
A Cash Flow from Operating Activities
Profit Before Tax	36,924	26,925
Adjustments for:
Depreciation and Amortisation Expense	6.741	7,549
Bad debts and advance written off, allowance/(reversal) of doubtful receivables / unbilled revenue and advances (net)	222	1,623
Share of (Profit) / Loss of Associates	10	(5)
Net (gain) / loss on disposal of Property, Plant and Equipment and Intangible Assets	(32)	5
Finance Costs	735	902
Unrealised Exchange (Gain) / Loss (net)	(1,898)	1,534
Share Based Payments to Employees	526	718
Interest Income	(424)	(1, 401)
Rental Income	(158)	(230)
Dividend Income on Investments carried at fair value through profit and loss	(24)	(2)
Gain on Investments carried at fair value through profit and loss (net)	(1, 878)	(525)
Change in fair valuation of Contractual Obligations	489	w.
Gain on sale of subsidiary and dilution of Associate		(730)
	41,233	36,363
Net change in:
Trade Receivables	2,865	10,374
Unbilled revenue and contract assets	(10, 666)	6,392
Other financial assets and other assets	180	129
Trade Payables	6,869	(2, 854)
Unearned revenue and deferred revenue	234	794
Other financial liabilities, other liabilities and provisions	1,322	958
	804	15,793
Cash generated from operating activities before taxes	42,037	52,156
Income taxes paid, net	(11, 418)	(5, 862)
Net cash generated from operating activities (A)	30,619	46,294
B Cash Flow from Investing Activities	(3, 307)	(4, 530)
Purchase of Property, Plant and Equipment and Intangible Assets Proceeds from Sale of Property, Plant and Equipment, Investment property and Intangible Assets	90	142
Purchase of Mutual Funds, Debentures and Other Investments	(129, 100)	(131.408)
Proceeds from sale / redemption of Mutual Funds, Debentures and Other Investments	142,440	120,421
Payment for acquisition of business and Non Controlling Interest, net of cash acquired	(9, 356)	(5,896)
	725
Proceeds from sale of subsidiary	3	136
Rental Income Fixed Deposit/ Margin Money Placed	(1, 207)	(15.746)
Fixed Deposit/ Margin Money Realized	1,045	4,679
Interest Income Received	626	1,769
Net cash generated / (used in) from investing activities (B)	1,959	(30, 433)
C Cash Flow from Financing Activities
Proceeds from issuance of equity shares from exercise of stock options	430	184
Payment of dividend	(26, 535)	(4, 396)
Transaction with Non Controlling Interest	307
Proceeds from Long-Term Borrowings	1,108	1,382
Repayment of Long-Term Borrowings	(1,068)	(2, 858)
Movement in Short-Term Borrowings (net)	(1,909)	(6, 527)
Repayment of lease liabilities	(2,836)	(1, 446)
Finance Costs paid	(428)	(937)
Net cash (used in) financing activities (C)	(30, 931)	(14, 598)
Net Increase / (decrease) in cash and cash equivalents during the period (D=A+B+C)	1,647	1,263
Effect of exchange rate changes on cash and cash equivalents (E)	220	108
Cash and Cash Equivalents at the beginning of the period (F)	26,904	30,167
	28,771	31,538

Tech Mahindra Limited

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com
Email : [email protected]. CIN : L64200MH1986PLC041370

Consolidated Audited Interim Financial Results for the quarter and six months period ended September 30, 2021

1 These results have been prepared on the basis of the consolidated audited condensed interim financial statements which are prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015. The quarterly and six months period financial results have been reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors in its meeting held on October 25, 2021.
2 The Board of Directors at its meeting held on October 25, 2021, has declared a special dividend of Rs. 15 per equity share on face value of Rs. 5/- (300%)

Certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam):

Proceedings in relation to 'Alleged Advances': ristance unity and readers in relation to Allege Auvances.
Erstwhile Salyam had, in the past, received letters from 37 companies seeking confirmation by way of acknowledgement of receipt of certain alleged amounts by the e வானா மாங்க வலை பழையும் படங்களாக அவர்பவால் என்லையதை வராவாறு வலாடியை மாங்குள் மனைக்களாழ் என்பங்களை மொழுவரு மாவங்
the 37 companies filed petitions for recovery against the erstwhile Satyam before the City Civil Court, Secund

The Hon'ble High Court in its Order approving the merger of the erstwhile Satyam with the Company, held that in the absence of Board resolutions and documents evidencing acceptance of unsecured loans, i.e. alleged advances, by the former Management of the erstwhile Satyam, the new Management of the erstwhile Satyam is justified in not crediting the acceptance of unsecured loans, i.e. alleg statements. The Hon'ble High Court held, inter-alia, that the contention of the 37 companies that Satyam is retaining the money, i.e. the alleged advances, of the 'creditors' and not paying them does not appear to be valid and further held that any right of the objecting creditors can be considered only if the genuineness of the debt is proved.

Appeals were filed before the Division Bench of the Hon'ble High Court of Andhra Pradesh against the Order of the single judge of the Hon'ble High Court of Andhra Pradesh and the רושישים אפוף וופט שפטים מופ שיטאפון שפטים של השטאר ומיוחד של הייטט וויט שונושים להשטארים ומיוחד של השטארים של
Hon'ble High Court of Bombay sanctioning the scheme of merger of erstwhile Satyam with the Company w.e.f. April

The Directorate of Enforcement (ED) while investigating the matter under the Prevention of Money Laundering Act, 2002 (PMLA) had directed the erstwhile Satyam not to return the The Direction (ED) will be investigating the matter under three treventions is for an aggregate value of Rs.8,220 Million alleged to be the proceeds of crime. The Hon'ble High Court of India against the above order of the upheld the judgement of Hon'ble High court of Andhra Pradesh and Telangana and consequently dismissed the SLP filed by ED by its order dated February 26, 2021.

In view of the aforesaid and based on an independent legal opinion, the Management believes that the claim by the 37 companies for repayment of the alleged advances, including interest thereon is not legally tenable. Consequently, pending the final outcome of the proceedings, as a matter of prudence, the Company has accounted and disclosed the amount of Rs. 12 304 Million as 'Suspense Account (net)'.

4 Pursuant to a share purchase agreement, 100% stake in DigitalOnUs Inc. was acquired on May 07, 2021 for a consideration of USD 104.51 million (Rs. 7,904 million) out of which USD 90.5 million (Rs. 6.845 million) was paid upfront. Further, 100% stake in Eventus Solution Group LLC was acquired on June 18, 2021 for a consideration of USD 37.29 million (Rs. 2,762 million) out of which USD 33.67 million (Rs.
5 Tax expense for the six months period ended September 30, 2021 is net of reversals of Rs. 311 Million of earlier periods. (Quarter ended "QE" September 30, 2021 includes Rs. 79
Million tax expense of earlier periods) (QE 30, 2020; Rs. Nil). Tax expense for the year ended March 31, 2021 is net of reversals of Rs. 793 Million of earlier periods.
6 Previous period's figures have been regrouped wherever necessary

7 Emphasis of Matter

2,494 million) was paid upfront.

Notes:

The Emphasis of Matter in the Auditor's Report:

With relation to Note 3 in respect of certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam) which has been amalgamated with the Company with effect from April 1, 2011, is discussed below:

The Company's Management, on the basis of current legal status and external legal opinion, has concluded that claims made by 37 companies in the City Civil Court for alleged advances amounting to Rs. 12,304 Million made by these companies to erstwhile Satyam and presented separately under 'Suspense account (net)', will not sustain on ultimate resolution by the Court.

Management response to Emphasis of Matter:

With regard to the Emphasis of Matter stated above, there are no additional developments which require adjustments to the consolidated audited interim financial results.

8 The Financial Results have been made available to the Stock Exchanges where the Company's securities are listed and are posted on the Company's website at the web-link: https://www.techmahindra.com/en-in/investors/.

Date : October 25, 2021 Place : Mumbai

frabel - $\Lambda$ C. P. Gurnani Managing Director & CEO

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

+91 20 6747 7300 Telephone: +91 20 6747 7310 Fax:

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF TECH MAHINDRA LIMITED

Report on the audit of the Consolidated Interim Financial Results

Opinion

We have audited the accompanying statement of consolidated interim financial results of Tech Mahindra Limited ("Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associates and its joint ventures for the quarter ended 30 September 2021 and the vear-to-date results for the period from 1 April 2021 to 30 September 2021 ("consolidated interim financial results"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements/ financial information of subsidiaries, consolidated interim financial results:

includes the results of the entities listed in Annexure 1; $\mathbf{a}$
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
c. gives a true and fair view, in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Group for the quarter ended 30 September 2021 as well as the year-to-date results for the period from 1 April 2021 to 30 September 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Interim Financial Results section of our report. We are independent of the Group, its associates and its joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated interim financial results.

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Center, Western Express Highway, Goregaon (East), Mumbai - 400063

BSR&Co.LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Emphasis of Matter

We draw attention to Note 3 of the consolidated interim financial results in respect of certain matters relating to erstwhile Satyam Computer Services Limited ("erstwhile Satyam"), amalgamated with the Parent with effect from 1 April 2011. The Holding Company's management, on the basis of current legal status and external legal opinion, has concluded that claims made by 37 companies in the City Civil Court, for alleged advances amounting to Rs. 12,304 million, to erstwhile Satyam and presented separately under "Suspense account (net)", will not sustain on ultimate resolution by the Court as explained in the aforesaid note.

Our opinion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the Consolidated Interim Financial Results

These consolidated interim financial results have been prepared on the basis of the condensed consolidated interim financial statements.

The Holding Company's Management and Board of Directors are responsible for the preparation and presentation of these consolidated interim financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its associates and joint ventures in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management / Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated interim financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated interim financial results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the consolidated interim financial results, the respective Management / Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Management / Board of Directors of the companies included in the Group and of its associates and joint ventures is responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Interim Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated interim financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated interim financial results.

BSR&Co.LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Auditor's Responsibilities for the Audit of the Consolidated Interim Financial Results (continued)

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated interim financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated interim financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated interim financial results, $\blacksquare$ including the disclosures, and whether the consolidated interim financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associates and joint ventures to express an opinion on the consolidated interim financial results, of which we are the independent auditors. We are responsible for the direction, supervision and performance of the audit of financial information of such entities. For the other entities included in the consolidated interim financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para titled "Other Matters" in this audit report.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated interim financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

BSR&CollP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Other Matters

The consolidated interim financial results include the audited financial results of 52 subsidiaries whose interim financial statements / financial information reflect total assets (before consolidation adjustments) of Rs. 82.768 million as at 30 September 2021, total revenue (before consolidation adjustments) of Rs. 27,820 million and Rs. 53,336 million and total net profit after tax (before consolidation adjustments) of Rs. 1,022 million and Rs 2,393 million for the quarter ended 30 September 2021 and for the year-to-date period ended 30 September 2021, respectively and net cash outflows amounting to Rs. 450 million for the year-to-date period ended on that date, as considered in the consolidated interim financial results. These condensed interim financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated interim financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in the paragraph above.

Our opinion on the consolidated interim financial results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

For B S R & Co. LLP Chartered Accountants Firm's registration No: 101248W/W-100022

JAMIL Digitally signed
AHMED AHMED KHATRI KHATRI 15:10:39 +05'30'

Jamil Khatri Partner Membership No. 102527 UDIN: 21102527AAAABH5303

Place: Mumbai Date: 25 October 2021

B S R & Co. LLP

Annexure 1: List of entities consolidated as at and for the period ended 30 September 2021

$\ddot{\mathbf{i}}$ List of subsidiaries:

Tech Mahindra (Americas) Inc. $\mathbf{1}$
$\overline{2}$ Tech Talenta Inc.
Tech Mahindra GmbH $\mathfrak{Z}$
$\overline{4}$ TechM IT - Services GmbH
Tech Mahindra Norway AS $\overline{5}$
Tech Mahindra (Singapore) Pte Limited 6
Tech Mahindra (Thailand) Limited $\overline{7}$
Tech Mahindra ICT Services (Malaysia) SDN. 8 BHD
$\Omega$ Harlosh Limited
Tech Mahindra (Beijing) IT Services Limited $10¹$
Tech Mahindra (Nigeria) Limited $11$
Tech Mahindra (Bahrain) Limited. S.P.C. $12$
Tech Mahindra Netherlands B.V. (merged with $13$ Tech Mahindra IT Services NL B.V, w.e.f 27 July 2021)
Tech Mahindra South Africa (Ptv) Limited $14$
Tech Mahindra Holdco Pty Limited 15
Tech Mahindra Communications Japan Co., 16 Ltd
Tech Mahindra DRC SARLU (struck off) $17$
NTH Dimension Ltd 18
Tech Mahindra Business Services Limited 19 (Application filed for merger on 19 February $2021)$
Tech Mahindra Arabia Limited 20
Tech Mahindra Sweden AB 21
Tech Mahindra LLC $22$
Tech Mahindra Chile SpA 23
Comviva Technologies Limited $2.4$
Leadcom DRC SPRL 25
Comviva Technologies Nigeria Limited 26
Tech Mahindra (Shanghai) Co. Ltd $27$
Tech Mahindra (Nanjing) Co. Ltd $28$
Tech Mahindra Technologies, Inc. $29$
The Bio Agency Ltd 30
Tech Mahindra Vietnam Company Limited 31
Citisoft Plc. 32
Citisoft Inc. 33
Tech Mahindra Servicos De Informatica 34 $S.A$
Tech Mahindra De Mexico, S.DE 35 R L DE C.V
Satvam Venture Engineering Services 36 Private Limited
Satyam Venture Engineering Services 37 (Shanghai) Co Limited
Satven GmbH 38
vCustomer Philippines Inc., 39
vCustomer Philippines (Cebu), Inc., 40
Mahindra Engineering Services (Europe) 41 Limited
42 PT Tech Mahindra Indonesia
TC Inter-Informatics a.s. 43
Comviva Technologies Singapore Pte. 44 Ltd
45 Comviva Technologies FZ-LLC
Comviva Technologies B.V. 46
Comviva Technologies (Australia) Pty 47 Ltd
Tech-Mahindra Guatemala S.A 48
Technologies Madagascar Comviva 49 Sarlu
Leadcom Uganda Limited 50
Comviva Technologies (Argentina) S.A 51
Technologies do Brasil 52 Comviva Comercio, Importacao e Industria. Exportacao Ltda
Comviva Technologies Colombia S.A.S 53
Emagine International Pty Ltd 54
YABX Technologies (Netherlands) B.V. 55
Sofgen Holdings Limited 56
Tech-Mahindra Ecuador S.A. 57
Tech-Mahindra S.A 58
Tech Mahindra Technology Services 59 LLC
Communications Lightbridge 60 Corporation
Sofgen Africa Limited 61
Leadcom Integrated Solutions Tanzania 62 Ltd.
Tech Mahindra Costa Rica Sociedad 63 Anonima
YABX India Private Limited 64
Tenzing Limited 65

BSR&Co.LLP

100

LCC Muscat LLC

Annexure 1: List of entities consolidated as at and for the per

66	Tech Mahindra (Switzerland) SA (Formerly known as Sofgen SA)
67	Leadcom Integrated Solutions (L.I.S) Ltd.
68	Leadcom Ghana Limited
69	Leadcom Gabon S.A.
70	Leadcom Integrated Solutions Rwanda Ltd.
71 72	Leadcom Integrated Solutions Tchad SARL Leadcom Integrated Solutions (SPV) SAS
73	STA Dakar
74	PF Holdings B.V.
75	Coniber S.A.
76	Leadcom Integrated Solutions Myanmar Co. Ltd
77	Societe de Telecommunications Africaine (STA) Abidjan
78	Pininfarina S.p.A.
79	Tech Mahindra Healthcare Systems Holdings LLC (merged with CJS Solutions Group, LLC
	w.e.f 22 June 2021)
80	Target Servicing Limited
81	Target Financial Systems Limited
82	Elderbridge Limited
83	Services Network Mahindra Tech International Inc.
84	Tech Mahindra Network Services Belgium
85	Tech Mahindra Spain S.L.
86	LCC Design and Deployment Services Ltd.
87	LCC Italia s.r.l. (Under liquidation)
88	Tech Mahindra IT Services NL B.V (formerly knows as LCC Network Services, B.V.)
89	LCC North Central Europe, B.V.
90	LCC Europe B.V
91	Telekomunikasyon Servis Limited LCC (Under liquidation)
92	LCC United Kingdom Limited
93	LCC Deployment Services UK Limited
94	LCC Wireless Communications Services Marox, SARLAU
95	LCC Middle East FZ-LLC
96	LCC Engineering & Deployment Services Misr, Ltd (Under liquidation)
97	Tech-Mahindra de Peru S.A.C.
98	LCC Saudi Arabian Telecom Services Co Ltd
99	LCC Saudi Arabian Telecom Services Co. Ltd/Jordan WLL (Under liquidation)

	eriod ended 30 September 2021 (continued)
101	Communications Lightbridge Corporations LLC
102	do Brasil Ltda (Under LCC liquidation)
103	Tech-Mahindra Bolivia S.R.L.
104	Tech-Mahindra Panama, S.A.
105	Tech Mahindra Products Services
	Singapore Pte. Limited (Formerly known as Sofgen Services Pte. Ltd.)
106	Tech Mahindra Colombia S.A.S
107	Pininfarina of America Corp.
108	Pininfarina Deutschland Holding Gmbh
109	Pininfarina Deutschland Gmbh.
110	Pininfarina Shanghai Co., Ltd
111	Pininfarina Engineering S.R.L (Under liquidation)
112	Tech Mahindra Fintech Holdings Limited
113	Target TG Investments Limited (dissolved w.e.f, 20-Jul-2021)
114	Tech Mahindra Healthcare LLC (merged with CJS Solutions Group,
	LLC w.e.f 22 June 2021)
115	Target Group Limited
116	Tenzing Australia Limited
117	The CJS Solutions Group LLC
118	HCI Group Australia Pty Ltd
119	TML Benefit Trust
120	Healthcare Clinical Informatics Ltd
121	Leadcom Integrated Solutions Kenya Limited
122	LCC Central America de Mexico SA de CV
123	LCC France SARL
124	Comviva Technologies USA Inc
125	LCC Networks Poland Sp.z.o.o
126	Solutions Integrated Leadcom International B.V.
127	Dynacommerce Holding B.V.
128	Dynacommerce B.V.
129	Communications Wireless LCC Espana, SA
130	Comviva Technologies Cote D'ivoire
131	Tech Mahindra Consulting Group Inc. (formerly known as Objectwise Consulting Group Inc.)

Mad*Pow Media Solutions, LLC 132
Tech Mahindra France 133
Born Commerce Private Limited
(Application filed for merger)
Born Group Pte Limited 134
135

BSR&Co.LLP

Annexure 1: List of entities consolidated as at and for the period ended 30 September 2021 (continued)

136 137	Group FMG Holdings B.V. Whitefields Holdings Asia Limited (Under	156 157	Tech Mahindra Credit Solutions Inc. Perigord Asset Holdings Limited
138	liquidation) Born Japan Kabhushiki Kaisha	158	Perigord Premedia Limited
139	Born Digital Sdn Bhd	159	Perigord Data Solutions Limited
140	Born Creative Commerce Group Inc.	160	Perigord Premedia USA Inc.
141	Born London Limited	161	August Faller Artwork Solutions Gmbh
142	Born Group Inc	162	Perigord Premedia (India) Private Ltd.
143	Born Group HK Company Limited	163	Perigord Data Solutions (India) Private Limited
144	Comviva Technologies Myanmar Limited	164	Tech Mahindra Digital Pty Limited (formerly known as Momenton Pty $Ltd.$ )
145	Mahindra Engineering Services ESOP Trust	165	Digital Onus Inc. (Acquired on 07 May 2021)
146	Satyam Associates Trust	166	Digital OnUs Technologies Inc. (Acquired on 07 May 2021)
147	Zen3 Infosolutions (America) Inc.	167	Cloud Tech Mahindra Mexico Services, S.DE R.L. DE C.V. (formerly known as Digital OnUs, S. De R.L. de C.V., Acquired on 07 May 2021)
148	Zen3 Infosolutions Private Limited	168	Private Technology Digitalops Limited (Acquired on 07 May 2021)
149	Oslo Solutions LLC	169	Healthnxt Inc. (Incorporated on 27 April 2021)
150	Zen3 Infosolutions Inc	170	Eventus Solutions Group, LLC (Acquired on 18 June 2021)
151	Limited Zen3 Information Technologies (Dissolved w.e.f from 20-Aug-21)	171	Begig Private Limited (Incorporated on 22 April 2021)
152	Tech Mahindra Cerium Private Limited (formerly known as Cerium Systems Private Limited)	172	TM Born Group CR Sociedad de Responsabilidad Limitada (Incorporated on 19 August 2021)
153	Tech Mahindra Cerium Systems Inc.	173	Eventus Solutions Group UK Limited (Acquired on 18-Jun-2021)
154	Tech Mahindra Cerium Systems SDN. BHD.	174	Tech Mahindra Servicos Ltda (Incorporated on 21 May 2021)
155	Tech Mahindra Luxembourg S.ar.l.	175	Defence Mahindra Tech Technologies Limited (incorporated on 28 July 2021)
	ii) List of Associates and Joint Venture:
1	Avion Networks, Inc.	5	Signature S.r.l.
$\mathcal{D}$	SARL Diazatech	6	Vitaran Electronics Private Limited

$\overline{2}$
SARL Djazatech
EURL LCC UK Algerie $\overline{3}$
Goodmind S.r.l. $\overline{4}$

Info Tek Software & Systems Private $\overline{7}$ Limited SCTM Engineering Corporation
(Joint Venture) 8

	Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com	Email: [email protected]. CIN: L64200MH1986PLC041370
	Standalone Audited Interim Financial Results for the quarter and six months period ended September 30, 2021					Rs. in Million except Earnings per share
			Quarter ended		Six months period ended		Year ended
	Particulars	September 30, 2021	June 30, 2021	September 30, 2020	September 30, 2021	September 30, 2020	March 31, 2021
	Revenue from Operations	84,649	79,315	74,044	163,964	145,691	296.409
$\overline{2}$	Other Income	6,500	2.397	1,570	8,897	4,285	9,218
3	Total Income $(1 + 2)$	91,149	81,712	75,614	172,861	149,976	305,627
	4 Expenses
	Employee Benefit Expenses	26,959	26,019	23,090	52,978	45,638	91.626
	Subcontracting Expenses	32,656	29,837	29,266	62.493	58,881	113,206
	Finance Costs	145	181	154	326	337	632
	Depreciation and Amortisation Expense	1,576	1.535	1,701	3.111	3,387	6,623
	Other Expenses	9,770	9,445	8,827	19,215	18,138	36.835
	Impairment of non-current investments (Refer note 4)		1.434		1,434		1,439
	Total Expenses	71,106	68,451	63,038	139,557	126,381	250,361
	5 Profit before Tax (3 - 4)	20,043	13,261	12.576	33,304	23,595	55,266
6	Tax Expense (Refer note 5)
	Current Tax	4.180	3.930	3.265	8,110	6,517	13.604
	Deferred Tax	268	(531)	(304)	(263)	(1,079)	(729)
	Total Tax Expense	4.448	3,399	2,961	7,847	5,438	12,875
	7 Profit after tax $(5 - 6)$	15,595	9,862	9.615	25,457	18,157	42,391
8	Other Comprehensive Income / (Loss)
	A, Items that will not be reclassified to Profit or (Loss) (net of taxes)	(38)	(64)	40	(102)	66	$\overline{7}$
	B. Items that will be reclassified to Profit or (Loss) (net of taxes)	1,804	(573)	1,351	1,231	1.826	2,446
	Total Other Comprehensive Income / (Loss) (A+B)	1,766	(637)	1.391	1.129	1,892	2,453
	9 Total Comprehensive Income (7 + 8)	17,361	9.225	11,006	26,586	20,049	44,844
	10 Paid-up Equity Share Capital (Face Value of Share Rs. 5)	4.849	4,845	4.833	4,849	4,833	4,841
	11 Total Reserves						245,317
	12 Earnings Per Equity Share in Rs.
	EPS for the quarter and six months ended periods are not annualised	16.05	10.16	9.93	26.20	18.76	43.76
	Basic	15.94	10.09	9.88	26.01	18.66	43.41
	Diluted

Tech Mahindra Limited

Standalone Audited Interim Financial Results for the quarter and six months period ended September 30, 2021
Standalone Audited Interim Balance Sheet as at September 30, 2021		Rs. in Million
Particulars	As at September 30, 2021	As at March 31, 2021
ASSETS
Non-Current Assets
(a) Property, Plant and Equipment	17,744	18,524
(b) Capital Work-in-Progress	1,592	1.114
(c) Right-of-Use Asset	5,057	4,680
(d) Investment Property	846	891
(e) Goodwill	167	167
(f) Intangible Assets	6,056	6,215
(g) Financial Assets
(i) Investments	84,162	74.982
(ii) Trade Receivables (iii) Other Financial Assets	5,407	3,827
(h) Income Tax Assets (Net)	15,973	15,069
(i) Deferred Tax Assets (Net)	3,599	4,054
(j) Other Non-Current Assets	5,199	4,022
Total Non - Current Assets	145,802	133,545
Current Assets
(a) Financial Assets
(i) Investments	74.577	90.542
(ii) Trade Receivables	53,091	51,526
(iii) Cash and Cash Equivalents	9,225	9,880
(iv) Other Balances with Banks	765	621
(v) Loans (vi) Other Financial Assets	74 34.834	73 28,468
(b) Other Current Assets	20,472	19,092
Total Current Assets	193,038	200,202
Total Assets	338,840	333,747
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital	4,849	4.841
(b) Other Equity	243,793	245,317
Total Equity	248,642	250,158
Liabilities
Non-current liabilities
(a) Financial Liabilities
(i) Lease liabilities	3,725	3,497
(ii) Other Financial Liabilities	1,368	2,462
(b) Provisions	5,741	4,930 783
(c) Other Non-Current Liabilities Total Non - Current Liabilities	585 11,419	11,672
Current liabilities
(a) Financial Liabilities
(i) Lease Liabilities	1,776	1,691
(ii) Trade Payables
(1) Dues of micro and small enterprises	43	53
(2) Dues of creditors other than micro and small enterprises	29,525	25.225
(iii) Other Financial Liabilities	10,512	10.414
(b) Provisions	2,614	2,098
(c) Income Tax Liabilities (Net)	9.143	8,545
(d) Other Current Liabilities	12,862	11,587
Total Current Liabilities	66,475	59,613
Suspense Account (Net)	12,304	12,304
Total Equity and Liabilities and Suspense Account	338,840	333,747

$\tilde{\mathcal{L}}$

Standalone Audited Interim Cash Flow Statement		Rs. in Million Six months period ended
Particulars	September 30,	September 30,
	2021	2020
Cash Flow from Operating Activities
Profit before Tax	33,304	23,595
Adjustments for:
Depreciation and Amortization Expense	3,111	3,387
Bad debts and advance written off, allowance/(reversal) of doubtful receivables/unbilled revenue and	(45)	1,651
advances (net) Net (gain)/loss on disposal of Property, Plant and Equipment and Intangible Assets	(7)	(7)
Finance Costs	325	337
Unrealized Exchange (gain)/Loss (net)	(1, 293)	1,918
Share Based Payments to Employees	405	551
Impairment of non current investments	1,434
Interest Income	(373)	(1, 298)
Rental Income	(127)	(154)
Dividend Income on Investments / Distributions from benefit trust	(3, 911)	(448)
Gain on investments carried at fair value through profit and loss (net)	(1,809)	(465)
Loss on fair valuation of contractual obligation	489
	31,503	29,067
Net change in:	(951)	4,885
Trade Receivables	(8,893)	5,138
Unbilled revenue and contract assets Other financial assets and other assets	(585)	550
Trade Payables	4.235	(892)
Unearned revenue and deferred revenue	(13)	3.220
Other financial liabilities, other liabilities and provisions	2.455	(866)
	(3, 752)	12,035
Cash generated from operating activities before taxes	27,751	41,102
Income taxes paid, net	(8, 416)	(3, 879)
Net cash generated from Operating activities (A)	19,335	37,223
Cash Flow from Investing Activities
Purchase of Property, Plant and Equipment and Intangible Assets	(1.889) 18	(2,611) 15
Proceeds from Sale of Property, Plant and Equipment and Intangible Assets	(116, 373)	(126, 611)
Purchase of Mutual Funds, Debentures and Other Investments	132,353	108,121
Proceeds from sale/ redemption of Mutual Funds, Debentures and Other Investments	3,911	448
Dividend Income on Investments / Distributions from benefit trust	(9, 137)	(5, 167)
Investment in Associate, Subsidiaries and Non Controlling Interest (including payment towards acquisition of business(net
of cash acquired))	67	73
Rental Income Fixed Deposit / Margin Money Placed	(196)	(15, 537)
Fixed Deposit / Margin Money Realized	68	4,379
Interest income received	510	1,701
Net cash generated from/(used in) Investing activities (B)	9.332	(35, 189)
Cash Flow from Financing Activities	430	185
Proceeds from issuance of equity shares from exercise of stock options	(29, 075)	(4, 833)
Payment of dividend	(636)	(707)
Repayment of lease liabilities	(260)	(337)
Finance costs paid Net cash from/(used in) Financing activities (C)	(29, 541)	(5,692)
Net Increase/(decrease) in cash and cash equivalents during the period (D) = (A+B+C)	(874)	(3,658)
	219	125
Effect of exchange rate changes on cash and cash equivalents (E)	9,880	18,038
Cash and Cash Equivalents at the beginning of the period (F)
Cash and Cash Equivalents at the end of the period (G) = (D+E+F)	9,225	14,505

Tech Mahindra Limited

Tech Mahindra Limited
Registered Office : Gateway Building, Apollo Bunder, Mumbal 400 001. Website : www.techmahindra.com
Email: [email protected]. CIN: L64200MH1986PLC041370
Standalone Audited Interim Financial Results for the quarter and six months period ended September 30, 2021

Notes :

...
These results have been prepared on the basis of the standalone audited condensed interim financial statements which are prepared in accordance with the Ind AS notified under the Companies $\mathbf{1}$ (Indian Accounting Standards) Rules 2015. The quarterly and six months period financial results have been reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors in its meeting held on October 25, 2021.
2 The Board of Directors at its meeting held on October 25, 2021, has declared a special dividend of Rs. 15 per equity share on face value of Rs. 5/- (300%).

3 Certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam):

Proceedings in relation to 'Alleged Advances':

Proceedings in relation to "Alleged Advances":
Estwhile Satyam had, in the past, received letters from 37 companies seeking confirmation by way of acknowledgement of receipt of certain alleged amounts by the erstwhile Saty admission

Appeals were filed before the Division Bench of the Hon'ble High Court of Andhra Pradesh against the Order of the single judge of the Hon'ble High Court of Andhra Pradesh and the Hon'ble High
Court of Bombay sanctioning th

The Directorate of Enforcement (ED) while investigating the matter under the Prevention of Money Laundering Act, 2002 (PMLA) had directed the erstwhile Satyam not to return the alleged advances The Directorate of Enforcement (ED) while bivestigating the matter interference Director and agree of Rs.8,220 Million alleged to be the proceeds of crime. The Hon'ble High Court of Judicature at Hyderabad granted stay on Pradesh and Telangana and consequently dismissed the SLP filed by ED by its order dated February 26, 2021.

4 The Company based on the performance of its subsidiaries and relevant economic and market indicators has assessed the recoverable amount of investment in certain subsidiaries. Consequently, the
Company has recognised an
5 Tax expense for the six months period ended September 30, 2021 is net of reversals of Rs. 818 Million of earlier periods. (Quarter ended "QE" September 30, 2021: Rs. 384 Million) (QE June 30,
2021: Rs. 434 Million) (QE S of earlier periods

6 Emphasis of Matter

The Emphasis of Matter in the Auditors' Report:

The Company's management, on the basis of current legal status and external legal opinion, has concluded that claims made by 37 companies in the City Civil Court for alleged advances amounting to
The Company's manage by th Management response to Emphasis of Matter:

With regard to the Emphasis of Matter stated above, there are no additional developments which require adjustments to the standalone audited interim financial results

7 The Financial Results have been made available to the Stock Exchanges where the Company's securities are listed and are posted on the Company's website at the web-link: https://www.techmahindra.com/en-in/investors

Date: October 25, 2021 Place: Mumbai

chrone C. P. Gurnani

Managing Director & CEO

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

Telephone: +91 20 6747 7300 +91 20 6747 7310 Fax:

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF TECH MAHINDRA LIMITED

Report on the audit of the Standalone Interim Financial Results

Opinion

We have audited the accompanying standalone interim financial results of Tech Mahindra Limited ("the company") for the quarter ended 30 September 2021 and the year-to-date results for the period from 1 April 2021 to 30 September 2021 ("standalone interim financial results"), attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us these standalone interim financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter ended 30 September 2021 as well as the year-to-date results for the period from 1 April 2021 to 30 September 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Interim Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone interim financial results.

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP
(a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Registered Office

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Center, Western Express Highway, Goregaon (East), Mumbai - 400063

BSR&Co.LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Emphasis of Matter

We draw attention to Note 3 of the standalone interim financial results in respect of certain matters relating to erstwhile Satyam Computer Services Limited ("erstwhile Satyam"), amalgamated with the Company with effect from 1 April 2011. The Company's Management, on the basis of current legal status and external legal opinion, has concluded that claims made by 37 companies in the City Civil Court for alleged advances amounting to Rs. 12,304 million, to erstwhile Satyam and presented separately under "Suspense account (net)", will not sustain on ultimate resolution by the Court as explained in the aforesaid note.

Our opinion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the Standalone Interim Financial Results

These standalone interim financial results have been prepared on the basis of the condensed standalone interim financial statements. The Company's Management and Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone interim financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone interim financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Interim Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone interim financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone interim financial results.

BSR&Co, LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Auditor's Responsibilities for the Audit of the Standalone Interim Financial Results (continued)

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone interim financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone interim financial results, $\bullet$ including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

BSR&Co, LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Auditor's Responsibilities for the Audit of the Standalone Interim Financial Results (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

For $BSR & Co. LLP$ Chartered Accountants Firm's Registration No: 101248W/W-100022

$\left.\begin{array}{l|l} JAMIL & \begin{array}{l} \text{Digitally signed} \ \text{by JAMIL} \end{array} \ AHMED & \begin{array}{l} \text{AHMED KHATRI} \ \text{Date: } 2021.10.25 \end{array} \ KHATRI & \begin{array}{l} \text{Date: } 2021.10.25 \end{array} \end{array} \right.$

Jamil Khatri Partner Membership Number: 102527 UDIN: 21102527AAAABI5329

Place: Mumbai Date: 25 October 2021

Tech Mahindra Q2'22 Revenues up 16.4% Profit after Tax up 26.0%

Pune — October 25", 2021: Tech Mahindra Ltd., a specialist in digital transformation, consulting and business reengineering services today announced the audited consolidated financial results for its quarter ended September 30, 2021.

Financial highlights for the quarter (USD)

e Revenue at USD 1472.6 mn; up 6.4% QoQ and 16.4% YoY
o Revenue growth at 7.2% QoQ in constant currency terms
e EBITDA at USD 269.8 mn; up 6.1% QoQ, up 17.2% YoY
o Margins at 18.3%
e Profit after tax (PAT) at USD 181.0 mn; down 1.2% QoQ and up 26.0% YoY
e Free cash flow at \$ 187.9 mn, conversion to PAT at 103.8%

Financial highlights for the quarter (%)

e Revenue at = 10,881 crores; up 6.7% QoQ and 16.1% YoY
e EBITDA at % 1,995 crores; up 6.3% QoQ, up 17.2% YoY
e Consolidated PAT at = 1,339 crores; down 1.1% QoQ and up 25.8% YoY
® The Board has proposed a special dividend of % 15/- per share (300%)

Other Highlights

e Total headcount at 141,193, up 14,930 QoQ
e Cash and Cash Equivalent at USD 1626 mn as of September 30, 2021

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said,

"As we record our highest sequential growth in a decade, we remain committed to deliver longterm sustainable and profitable growth for the company. We have witnessed strong traction across all key markets as we invest in our digital capabilities through strategic partnerships. We continue to accelerate our clients' digital journey by creating Human Centric Experiences, helping them gear up for tomorrow, today."

Milind Kulkarni, Chief Financial Officer, Tech Mahindra, said,

"Our strong execution has ensured that we maintain our profitability margins while accelerating growth momentum. We remain committed on the operational excellence journey we have boarded, and continue to create value to shareholders through efficient capital return"

Tech Mahindra today announced the acquisition of Lodestone, a leading digital engineering quality assurance provider for new age digital companies. The acquisition will bolster Tech Mahindra's digital engineering capabilities to effectively utilize data strategy and address machine learning challenges.

The strategic announcement will further enhance Tech Mahindra's capability to provide end-to-end product quality assurance across hardware, software, and data layers to strengthen the company's positioning as a leading digital transformation enabler in the engineering space.

Vivek Agarwal, President — BFSI, HLS and Corporate Development, Tech Mahindra, said,

The acquisition of Lodestone is in line with our strategy to strengthen digital capabilities and provide enhanced and comprehensive transformation services to our customers globally. This will bring significant synergies to complement our domain expertise and will help drive growth going forward. We welcome Lodestone's associates into the Tech Mahindra family.

e Tech Mahindra has won a multi-year strategic deal with a fortune 500 company in personal care for transforming its global applications and digitizing the core.
e Selected by an Asian technology company for multi pillar deal scope which includes managed services, IT stack refresh, adoption of new age architecture and business process reengineering.
e Tech Mahindra has won a deal with one of the largest Electricity Distribution Utility Corporation in Asia for implementation and support of a large Customer Information System.
e Engaged by a telecommunications company based in Germany for consolidation and transformation of legacy systems
e Awarded a deal by a global automotive OEM for engineering services for vehicle modification engineering FOT, data collection, data center, data management, simulation & ALM.
e Tech Mahindra has been chosen by a US telco to be a part of its transformation journey to provide modernization and cloud migration services for its targeted applications.
e Won a strategic deal with an Asian-based leading food management & policy maker, scope of which includes implementing, integrating and managing end to end SAP S/4HANA application, data management and data integration
e Won a deal with leading global ports & logistics operator headquartered in Middle East for implementation support and global application rollouts.
e Tech Mahindra has been engaged by one of the largest railroad companies in North America to provide mobility managed services.
e Tech Mahindra has been chosen by a fortune 4 organization in the Healthcare & retail space to design, build & transform Virtual Apps & Desktops platform in Cloud.

Business Highlights

e Tech Mahindra has partnered with StaTwig, a Singapore & Hyderabad based digital supply chain solution provider to Implement 'VaccineLedger' — Blockchain-based traceability solution for global vaccine supply chain to predict and prevent failures in supply chains, including problems related to expired vaccines, stock out and counterfeiting
e Announced MSSP (Managed Security Services Provider) partnerships with California-based Palo Alto Networks, a global leader in cybersecurity. As a part of this partnership, Tech Mahindra is working towards creation of specialized Industry solutions and IP, leveraging the best of breed Palo Alto Networks solutions covering all major security solutions towers.

e Tech Mahindra announces a 'Cloud Advisory Board' with 30 Enterprises and Industry Advisors. The Advisory board will work on accelerating cloud transformation and build robust roadmap for business agility and competitive edge for enterprises.
e Tech Mahindra has expanded its collaboration with Microsoft to strengthen hybrid cloud capabilities. The collaboration aims to leverage Microsoft Azure Stack HCl, a new Hyper Converged Infrastructure (HCI) solution to accelerate hybrid cloud transformation, consolidate virtualized workloads and build enterprise resilience.
e Tech Mahindra has launched a dedicated Google Cloud Business Unit to accelerate cloud adoption for enterprises globally.
e Tech Mahindra has achieved AWS Level 1 Managed Security Service Provider (MSSP) competency status covering all six cybersecurity cloud domains.
e Tech Mahindra has partnered with Loughborough University, the world's best university for sport, to drive innovation in the sports industry via adoption of emerging next-generation technologies.
e Tech Mahindra and Cybersecurity Centre of Excellence, Data Security Council of India collaborate to drive cyber security innovation ecosystem in India.

Awards and Recognitions

e Tech Mahindra has been named a Leader once more, making it our third time in a row, in 2021 Gartner® Magic Quadrant™ for IT Services for Communications Service Providers, Worldwide.
* Tech Mahindra has won five 2021 ISG digital case study awards™.
e Tech Mahindra has been named as a leader in managed security services (MSS) for the midmarket in the 2021 ISG Provider Lens™ Cybersecurity Solutions & Services Quadrant Report in both the U.K. and the United States
e Tech Mahindra has been recognized among the top 15 companies for Sustainability and CSR in Futurescape 8th Sustainability Index
e Tech Mahindra Named a Leader in Everest Group PEAK Matrix Assessment for Software Product Engineering Services 2021.
e Tech Mahindra has been listed among 2021 Best Workplaces in Asia by Great Place to Work®.
e TechM has been recognized as a 2020 Bombardier Diamond Supplier.
e Tech Mahindra's CEO and MD, CP Gurnani has been recognized as an 'Influential Leader of New India' by CNN News18 and Team Marksmen.
e Tech Mahindra has been ranked 14 on Responsible Business Ranking by The Economic Times.
e Felicitation as Leaders of Sustainable Change at ET SDGs Summit for our initiatives in the Sustainable Space

e Received rotary CSR Awards 2021 in the Community Development Category for Exemplary Work with Sustainable Impact
e Tech Mahindra has won the CSR Universe 'COVID Response' CSR Impact Awards 2021 in Skill Development and Livelihood Category
e TMF has own
o 5th CSR Health Impact Awards (Silver Category) for our Health Campaign
o 5th CSR Health Impact Awards (Bronze Category) for our COVID Relief Program

About Tech Mahindra

Tech Mahindra offers innovative and customer -centric digital experiences, enabling enterprises, associates and the society to Rise™. We are a USD 5.1 billion organization with 141,100+ professionals across 90 countries helping 1123 global customers, including Fortune 500 companies. We are focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers. Tech Mahindra is one of the fastest growing brands and amongst the top 15 IT service providers globally. Tech Mahindra has consistently emerged as a leader in sustainability and is recognized amongst the '2021 Global 100 Most sustainable corporations in the World' by Corporate Knights. With the TechM NXT.NOW framework, Tech Mahindra aims to enhance 'Human Centric Expe rience' for our ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrow's experiences today, and believes that the 'Future is Now'.

We are part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Connect with us on www.techmahindra.com

Our Social Media Channels 3

For Further Queries:

Kaustubh Vaidya Abhilasha Gupta

Phone: +91 98208 91860 Phone: +91 97179 46080

Phone: +91 70660 07951 Phone: +91 89210 46524

[email protected]

Head — Investor Relations Head - Corporate Communications & Public Affairs Email: [email protected] Email: [email protected]

Kavya Bagga Rosemary Varghese

Investor Relations Corporate Communications & Public Affairs: Email: [email protected] Email: [email protected]

[email protected]

Disclaimer

Certain statements in this release concerning the future prospects of Tech Mahindra Limited ('the Company" or "TechM") are forward-looking statements. These statements by their nature involve risks and uncertainties that could cause Company's actual results differ materially from such forward-looking statements. The Company, from time to time, makes written and oral forward-looking statements based on information available with the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

TREO WINCH MMT SATA

P&L in INR Mn	Q2FY22	Q1TFY22	Q2FY21
Revenue	108,813	101,976	93,718
Cost of Services	74,346	69,682	64,245
Gross Profit	34,467	32,292	29,472
SG&A	14,515	13,530,	12,443
EBITDA	49,952	18,764	17,030

Other Income	2,821	2,873	41,175
Interest Expense Depreciation & Amortization	354 3,430]	381 3,311)	399
Share of profit / (loss) from associate	(8)	(2)	3,717
Profit before Tax	48,981	17,943)	14,093
Provision for taxes	5,572	4,286	3,462
Minority Interest	(22)	(125)	15
Profit after Tax
EPS ( =/ share)
Basic	15.25	15.43	12.18
Diluted	9544	15.32	12.11
		fv cimife
	27 i i	NX +
		Fe Lypgo?Y

Connected World Um eT

Q2 FY22 KEY HIGHLIGHTS

KEY FY22 Q2	HIGHLIGHTS
USD Mn 1,473 Revenue	15.2% EBIT Margin	USD	750 Net New Deal Wins	Mn	USD Free Cash Flow	Mn 188
Revenue Growth (USD)		QoQ Reported	cc	YoY Reported	cc
Communications, Media & Entertainment (CME)		6.7%)	7.7%	16.1%	15.0%
Enterprise		63%	7.0% += «=		16.5% +=: 15.9%
Total Revenue		6.4%	7.2%	16.4%	15.5%
*Previous period figures are restated wherever required
Revenue by Industry %		Q2FY22	Q1FY22	Q2FY21

Communications, Media & Entertainment (CME)	6.7%)	7.7%	16.1%	15.0%
Enterprise	63% «=	7.0% +=	16.5% +=: 15.9%
Total Revenue	6.4%	7.2%	16.4%	15.5%

	QoQ		YoY
Revenue Growth (USD)	Reported	cc	Reported	cc
Communications, Media & Entertainment (CME)	6.7%)	7.7%	16.1%	15.0%
Enterprise	63%	7.0% += «=		16.5% +=: 15.9%
Total Revenue	6.4%	7.2%	16.4%	15.5%
*Previous period figures are restated wherever required

Communications, Media & Entertainment (CME)	40.1%! —	40.0%	40.2%	6.7%
Manufacturing	16.0%	16.5%	16.3%	3.0%)
Technology	9.0%)	8.8%	8.9%	8.4%
Banking,Financial services & Insurance	16.3%	16.4%	16.4%	6.0%

Retail, Transport & Logistics Others *Reclassified starting Q1'FY22. Restated as per new classification for FY21.	7.8%) 10.8%	7.7% 10.6%	7.7% 10.5%	7.7%
Revenue by Geography %	Q2FY22	Q1FY22	Q2FY21	9.1%
Americas	47.8%,	46.7%!	484%	8.9%
Europe	25.9%]	27.2%	25.2%
Rest of world	26.3%!	26.1%	26.4%	«7.0%
IT On/Off Revenue Break-up in %	Cam ey	eM e 7	eer ae!
Onsite Offshore	61% 39%	62% 38%	63% 37%	1.6%

Americas	47.8%,	46.7%!	484%	8.9%	14.9%
Europe	25.9%]	27.2%	25.2%	1.6%	19.9%
Rest of world	26.3%!	26.1%	26.4%	«7.0% +	15.7%

IT On/Off Revenue Break-up in %	Cam ey	eM e 7	eer ae!
Onsite	61%	62%	63%
Offshore	39%	38%	37%

DTA AAT MTNA meena

^aFACT SHEET @

Q2FY22)	QUFY22	Q2FY21
255	352	208
495	463)	214
750	815,	424

*Reclassified starting Q1'FY22. Restated as per new classification for FY21.

No. of Active Clients & % of Repeat Business	Q2FY22	Q1FY22	Q2FY21
No. of Active Clients	4423	1,058	988
% of Repeat Business	93%	96%	95%

No. of Active Clients	4423	1,058	988
% of Repeat Business	93%	96%	95%
No. of Million \$ Clients	Q2FY22	Q1FY22	Q2FY21
= \$1 million clients	488	466	460
= \$5 million clients	169)	168	165
2 \$10 million clients	90	86	82
> \$20 million clients	50	51	50
2 \$50 million clients	22	22	21
Client Concentration	Q2FY22	Q1FY22	Q2FY21
Top 5	22%,	22%)	22%
Top 10	31%	31%	30%
Top 20	43%	43%	43%
Total Headcount (As at period-end)	Q2FY22	Q1FY22	Q2FY21
Software professionals	76,800)	69,877,	69,512
BPO professionals	57,058	49,668	48,462
Sales & support	7335	6718)	6,284
Total Headcount	141,193	126,263	124,258
wed irztten ee	Q2FY22	Q1FY22	Q2FY21
IT Attrition % (LTM) #	21%	17%	14%
IT Utilization % #	8%	88%	85%
IT Utilization % (Excluding Trainees) #	89%	89%!	85%
# Metrics for Organic business
2

Client Concentration	Q2FY22	Q1FY22	Q2FY21	QoQ	YoY
Top 5	22%,	22%)	22%	7.9%	21.5%
Top 10	31%	31%	30%	7.1%	20.1%
Top 20	43%	43%	43%	5.2%	16.4%

Software professionals	76,800)	69,877,	69,512	9.9%	10.5%
BPO professionals	57,058	49,668	48,462	14.9%]	17.7%
Sales & support	7335	6718)	6,284	9.2%	16.7%
Total Headcount	141,193	126,263	124,258	11.8%	13.6%

ATH MTA HUtma CATT

wed irztten ee	Q2FY22	Q1FY22	Q2FY21
IT Attrition % (LTM) #	21%	17%	14%
IT Utilization % #	8%	88%	85%
IT Utilization % (Excluding Trainees) #	89%	89%!	85%

Mahindra eC eee

Receivable Days (DSO)-Including Unbilled	aon	93	97
Capital Expenditure (USD Mn)	23	22	34
Free Cash Flow (USD Mn)	188	172	236
Free Cash Flow to PAT %	103.8%	94.1 %	164.0%
'Free cash Flowis as per Management Reporting

Cash & Borrowings (INR Mn)	Q2FY22	QiFY22	Q2FY21
Borrowings **	15,270	16,232	16,984
Cash and Cash Equivalent *	120,661	135,146	115,380

Cash & Borrowings (USD Mn)	Q2FY22	Q1FY22	Q2FY21
Borrowings **	206	218	230
Cash and Cash Equivalent *	1,626	1,818	1,564

** Borrowings exclude lease obligation on right-of-use (ROU) assets, created as per Ind AS 116 new accounting standard on leases

USD Rupee Rate	Q2FY22	QiFY22	Q2FY21	QoQ	YoY
Period closing rate	fae,	7433	73.77	01%	0.6%
Period average Rate	73.88}	73.67	74.07	0.3%,	-0.3%

Borrowings **	15,270	16,232	16,984
Cash and Cash Equivalent *	120,661	135,146	115,380

Cash & Borrowings (USD Mn)	Q2FY22	Q1FY22	Q2FY21
Borrowings **	206	218	230
Cash and Cash Equivalent *	1,626	1,818	1,564
* Cash & Cash Equivalent includes Investments & Margin Money
** Borrowings exclude lease obligation on right-of-use (ROU) assets, created as per Ind AS 116 new accounting standard on leases




% of Revenues From Major Currencies	Q2FY22	Q1FY22,	Q2FY¥zZ1
USD	50.5%!	49.9%	51.5%
GBP	10.9%	11.0%]	10.5%
EUR	10.1%!	10.4%	9.0%
AUD	44%	4.6% «=	4.8%
Others	24.1%	24.1%)	24.2%

Hedge Book	Q2FY¥22.	Q1FY22	@2Fi21

Borrowings **	15,270	16,232	16,984
Cash and Cash Equivalent *	120,661	135,146	115,380
Cash & Borrowings (USD Mn)	Q2FY22	Q1FY22	Q2FY21
Borrowings **	206	218	230
Cash and Cash Equivalent *	1,626	1,818	1,564
* Cash & Cash Equivalent includes Investments & Margin Money
** Borrowings exclude lease obligation on right-of-use (ROU) assets, created as per Ind AS 116 new accounting standard on leases



% of Revenues From Major Currencies	Q2FY22	Q1FY22,	Q2FY¥zZ1
USD	50.5%!	49.9%	51.5%
GBP	10.9%	11.0%]	10.5%
EUR	10.1%!	10.4%	9.0%
AUD	44%	4.6% «=	4.8%
Others	24.1%	24.1%)	24.2%
Hedge Book	Q2FY¥22.	Q1FY22	@2Fi21
GBP In Mn	313.0/	351.0;	278.0
Strike rate (INR)	107.2	106.2	100.6
USD In Mn	1,549.0)	1,317.0]	1,635.0
Strike rate (INR)	796]	794]	781
EUR In Mn	354.0	367.0}	340.0
Strike rate (INR)	94.8	94.4	90.5
3

TCA ATA TTA CHa NIHSS

FACT SHEET $\bullet$

P&L in INR Mn	Q2 FY22	Q1 FY22	Q2 FY21	QoQ	YoY
Revenue From Operations	108,813	101,976	93,718	6.7%	16.1%
Cost of services	74,346	69,682	64,245	6.7%	15.7%
Gross Profit	34,467	32,294	29,473	6.7%	16.9%
SGA	14,515	13,530	12,443	7.3%	16.7%
EBIDTA	19,952	18,764	17,030	6.3%	17.2%
EBIDTA %	18.3%	18.4%	18.2%	$-0.1%$	0.2%
Depreciation & Amortization	3,430	3,311	3,717	3.6%	$-7.7%$
EBIT	16,522	15,453	13,313	6.9%	24.1%
EBIT %	15.2%	15.2%	14.2%	0.0%	1.0%
Other income	2,821	2,873	1,175	$-1.8%$	140.1%
Foreign Exchange (loss)/ gain	1,213	1,077	(356)	12.6%	$-440.7%$
Interest, Dividend & Misc. income	1,608	1,796	1,531	$-10.5%$	5.0%
Interest expense	354	381	399	$-7.1%$	$-11.3%$
Share of profit /(loss) from associate	(8)	(2)	4	300.0%	$-300.0\%$
Profit Before Tax	18,981	17,943	14,093	5.8%	34.7%
Provision for taxes	5,572	4,286	3,462	30.0%	60.9%
Profit After Tax	13,409	13,657	10,631	$-1.8%$	26.1%
Minority Interest	(22)	(125)	15	$-82.4%$	$-246.7%$
Net Profit after tax (After Minority Interest)	13,387	13,532	10,646	$-1.1%$	25.8%
Net PAT %	12.3%	13.3%	11.4%	$-1.0%$	0.9%
EPS (In Rs)
Basic	15.25	15.43	12.18	$-1.2%$	25.2%
Diluted	15.14	15.32	12.11	$-1.2%$	25.0%

Notes:

$\overline{\mathcal{A}}$

Figures rounded off to the nearest million.
Previous period figures have been regrouped/rearranged wherever necessary.

h Iahindra

P&L in USD Mn	Q2FY22	Q1FY22	Q2FY21	QoQ	YoY
Revenue From Operations	1,472.6)	1,383.6	1,265.4	6.4%	16.4%
Cost of services	1,006.3	945.5	867.3	6.4%	16.0%
Gross Profit	466.3	438.1	398.1	6.4%	17.1%
SGA	196.5	183.8	168.1	6.9%	16.9%
EBIDTA	269.8	254.3	230.0	6.1%!	17.3%
EBIDTA %	ex,	18.4%	18.2%	0.1%	0.1%
Depreciation & Amortization	46.4	44.9	50.2	3.3%	-7.5%
EBIT	223.4	209.3	179.8	6.7%	24.2%
EBIT %	15.2%	15.2%	14.2%	0.0%	1.0%
Other income	38.1	38.8	15.7	-2.0%)	143.2%
Foreign Exchange (loss)/ gain	16.3	14.5	(5.0)	12.7%	-428.1%
Interest, Dividend & Misc. income	21.8	24.3	20.6	-10.6%	5.5%
Interest expense	4.8	5.2	5.4	-7.3%	-11.1%
eR Share of profit /(loss) from associate ices —	(0.1))	(0.0),	0.1	300.5%	-298.8%
SC: re	256.6	243.0	190.1	5.6%	34.9%
Provision for taxes	75.3	58.1)	46.7 : we pe	29.7%	61.2%
Profit After Tax	181.3	184.9		-2.0%	26.4%
Minority Interest	(0.3)	(1.7)	0.2	-82.2%	-235.9%
Net Profit after tax (After Minority Interest)	181.0	183.2	143.7	-1.2%	26.0%
Net PAT %	12.3%	13.3%	11.4%	-1.0%	0.9%
EPS (In USD)
Basic	0.21	0.21	0.16	-1.4%	25.5%
Diluted	0.20	0.21	0.16	-1.5%	25.3%
Notes:
1. Figures rounded off to the nearest million.
2. Previous period figures have been regrouped/rearranged wherever necessary.
3. USD numbers based on convenience translation

Connected World. Connected Ex TEL LES

Profit after tax for the quarter at Rs. 13,387 million up 25.7% over previous year Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Email: [email protected] CIN: L64200MH1986PLC041370
Extract of Consolidated Audited Interim Financial Results of Tech Mahindra Limited and its subsidiaries for the quarter and six months period ended September 30, 2021
		Rs. in Million except Earnings per share
Particulars	Quarter ended September 30, 2021	Six months period ended September 30, 2021	Quarter ended September 30, 2020
Total Revenue from Operations (Net)	108,813	210.789	93.718
Net Profit before Tax 2	18,981	36,924	14,093
Net Profit for the period after Tax (Share of the Owners of the Company) 3	13,387	26,919	10,646
Total Comprehensive Income for the Period (comprising Profit for the period after Tax and Other Comprehensive Income after Tax)	14,650	28,458	13,358
Equity Share Capital 5	4,377	4.377	4.362
Earnings Per Equity Share (Rs.) 6
- Basic	15.25	30.68	12.18
- Diluted	15.14	30.44	12.11
Additional information on standalone financial results is as follows:			Rs.in Million
Particulars	Quarter ended September 30, 2021	Six months period ended September 30, 2021	Quarter ended September 30, 2020
Revenue from Operations	84.649	163,964	74.044
Profit before Tax	20.043	33,304	12,576
Profit after Tax	15.595	25,457	9.615
Notes: 1 The above is an extract of the detailed format of the standalone and consolidated interim financial results for the quarter and six months period ended September 30, 2021, filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the standalone and consolidated interim financial results for the quarter and six months period ended September 30, 2021 are available on the Stock Exchange websites. (www.nseindia.com/www.bseindia.com) and the Company's website at the web-link: https://www.techmahindra.com/en- in/investors/
2 The Board of Directors at its meeting held on October 25, 2021, has declared a special dividend of Rs. 15 per equity share on face value of Rs. 5/- (300%).

3 These results have been prepared on the basis of the standalone and consolidated audited condensed interim financial statements which are prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015. The quarterly and six months period financial results have been reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors in its meeting held on October 25, 2021.

4 The Auditors have issued an unqualified opinion on the standalone and consolidated interim financial results and have invited attention to a matter (Emphasis of Matter). The Emphasis of Matter is on account of the financial irregularities committed by the promoters of erstwhile Satyam Computer Services Limited (SCSL) before it was acquired by the Company. SCSL was amalgamated with the Company in June 2013. The Emphasis of Matter and the Management Response on the same is available as part of the detailed Regulation 33 formats posted on the Stock Exchange websites (www.nseindia.com/www.bseindia.com) and the Company's website (www.techmahindra.com).

Date : October 25, 2021 Place: Mumbai

frabel $\overline{\Lambda}$ C. P. Gurnani Managing Director & CEO

AI assistant

Tech Mahindra — Interim / Quarterly Report 2021

35662_rns_2021-10-25_e2ec3a39-f03f-497c-83a0-9192ba055038.pdf

J O- = oi mt u

Sub: Outcome of Board Meeting held on October 25, 2021

Tech Mahindra Limited

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.comEmail : [email protected]. CIN : L64200MH1986PLC041370Consolidated Audited Interim Financial Results fo

Primary Segments

Tech Mahindra LimitedRegistered Office : Gateway Building, Apollo Bunder, Mumbal 400 001. Website : www.techmahindra.comConsolidated Audited Interim Financial Results for the quarter and six months period ended September

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.comEmail : [email protected]. CIN : L64200MH1986PLC041370

Consolidated Audited Interim Financial Results for the quarter and six months period ended September 30, 2021

Certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam):

7 Emphasis of Matter

Management response to Emphasis of Matter:

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF TECH MAHINDRA LIMITED

Report on the audit of the Consolidated Interim Financial Results

Opinion

Basis for Opinion

BSR&Co.LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Emphasis of Matter

Responsibilities of Management and Those Charged with Governance for the Consolidated Interim Financial Results

Auditor's Responsibilities for the Audit of the Consolidated Interim Financial Results

BSR&Co.LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Auditor's Responsibilities for the Audit of the Consolidated Interim Financial Results (continued)

BSR&CollP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Other Matters

B S R & Co. LLP

Annexure 1: List of entities consolidated as at and for the period ended 30 September 2021

$\ddot{\mathbf{i}}$ List of subsidiaries:

BSR&Co.LLP

BSR&Co.LLP

Annexure 1: List of entities consolidated as at and for the period ended 30 September 2021 (continued)

Notes :

Proceedings in relation to 'Alleged Advances':

6 Emphasis of Matter

The Emphasis of Matter in the Auditors' Report:

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF TECH MAHINDRA LIMITED

Report on the audit of the Standalone Interim Financial Results

Opinion

Basis for Opinion

Registered Office

BSR&Co.LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Emphasis of Matter

Responsibilities of Management and Those Charged with Governance for the Standalone Interim Financial Results

Auditor's Responsibilities for the Audit of the Standalone Interim Financial Results

BSR&Co, LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Auditor's Responsibilities for the Audit of the Standalone Interim Financial Results (continued)

BSR&Co, LLP

Tech Mahindra Limited Independent Auditors' Report - 30 September 2021 (continued)

Tech Mahindra Q2'22 Revenues up 16.4% Profit after Tax up 26.0%

Financial highlights for the quarter (USD)

Financial highlights for the quarter (%)

Other Highlights

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said,

Milind Kulkarni, Chief Financial Officer, Tech Mahindra, said,

Vivek Agarwal, President — BFSI, HLS and Corporate Development, Tech Mahindra, said,

Business Highlights

Awards and Recognitions

About Tech Mahindra

Connect with us on www.techmahindra.com

For Further Queries:

Kaustubh Vaidya Abhilasha Gupta

Kavya Bagga Rosemary Varghese

Disclaimer

Q2 FY22 KEY HIGHLIGHTS

aFACT SHEET @

Mahindra eC eee

FACT SHEET $\bullet$

More from Tech Mahindra

Tech Mahindra Interim / Quarterly Report 2021

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com
Email : [email protected]. CIN : L64200MH1986PLC041370
Consolidated Audited Interim Financial Results fo

Tech Mahindra Limited
Registered Office : Gateway Building, Apollo Bunder, Mumbal 400 001. Website : www.techmahindra.com
Consolidated Audited Interim Financial Results for the quarter and six months period ended September

Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com
Email : [email protected]. CIN : L64200MH1986PLC041370

^aFACT SHEET @