Tech Mahindra — Interim / Quarterly Report 2021

Jul 29, 2021

ee 4 rm | | Sharda Centre, Off Karve Road,

To, CIN L64200MH1986PLC041370 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5" floor, Dalal Street, Plot No. - C/1, G Block, Scrip Code : 532755 Mumbai - 400 051

B Tech Mahindra Limited Pune 411004, Maharashtra, Incia.

Tel: +91 206601 8100 Fax: +97 20 2542 4466

techmahindra.com connect@techmahindra.com

Registered Office: 29 July, 2021 Gateway Building, Apollo Bunder Mumbai 400 001, India

Mumbai - 400 001 Bandra-Kurla Complex, Bandra (E) NSE Symbol : TECHM

Sub: Outcome of Board Meeting held on 29" July, 2021

Dear Sir(s)

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 approved the Audited financial results and consolidated financial results of the Company for the first quarter ended 30 June, 2021, together with Auditors Report thereon.

In this regard, please find enclosed:

• 1. Audited financial results and consolidated financial results of the Company for the first quarter ended 30" June, 2021, together with Auditors Report thereon.
• 1. Press Release on the financial results.
• 1. Fact Sheet giving certain financial and operational parameters.

The Board Meeting commenced at 7:30 A.M. and the discussion on aforementioned financial matters concluded at 3:15 P.M.

The aforesaid information is being hosted on the website of the Company in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Thanking you,

For Tech Mahindra Limited acne =

& x4 Company Secretary

Encl.: as above

				Rs. in million except Earnings per share
	Pau		Quarter ended		Year ended
	Revenue from Operations	101,976	June 30, 2021 March 31, 2021 June 30, 2020 March 31, 2021 97,299	91,063	378,551
1	2_ Other Income [Total Income (1+ 2)	2,873 104,849	326 97,625	4,161 95,224	7,871 386,422
3 4	Expenses
	Employee Benefits Expenses Subcontracting Expenses	51,616 15,092	46,955 12,367	48,051	192,973
				13,164
	Finance Costs Depreciation and Amortisation Expense	381 3,311	417 3,444	503 3,632
	Other Expenses Impairment of Goodwill and non-current assets	16,504 -	18,496 507	16,846 -
	Total Expenses	86,904	82,186	82,393
5 6	Profit before share in profit/(loss) of associates and tax (3-4) Share of Profit / (Loss) of Associates	17,945 (2)	15,439 2	12,831 1
7	Profit before Tax (5 + 6)	17,943	15,441	12,832
&	Tax Expense (Refer note 4) Current Tax	4,845	5,116	4,103
	Deferred Tax Total Tax Expense	(559) 4,286	(118) 4,998	(827) 3,276
9	Profit after tax (7 - 8) Profit for the period attributable to:	13,657	10,443	9,556
	Owners of the Company Non Controlling Interests	13,532 125	10,814 (371)	9,723 (167)
	10 Other Comprehensive Income / (Loss)
	A. Items that will not be reclassified to Profit or (Loss) (net of taxes) B. Items that will be reclassified to Profit or (Loss) (net of taxes)	(81) 232	(24) 1,647	31 372
	Total Other Comprehensive Income / (Loss) (A+B)	151	1,623	403
	11 Total Comprehensive Income (9 + 10) Total Comprehensive Income for the penod attributable to:	13,808	12,066	9,959	49,743 1,740 14,577 67,365 507 326,905 59,517 12 59,529 18,115 (2,116) 15,999 43,530 44,280 (750) 1,586 2,651 4,237 47,767
	Owners of the Company Non Controlling Interests	13,629 179	12,376 (310)	10,176 (217)
	12 Paid-up Equity Share Capital (Face Value of Share Rs. 5)	4,374	4,370	4,360	48,415 (648) 4.370
	13 Total Reserves				244 280
	14 Earnings Per Equity Share (Rs) (EPS for the quarter periods ended are not annualised)
	Basic Diluted	15.43 15.32	12.37 12.26	11,13 11,07
					50.64 50.19
	Standalone Information		Quarter ended	:	Year ended
	Particulars Revenue from Operations	79,315	June 30, 2021 March 31, 2021 June 30, 2020 March 31, 2021 75,068	71,647	296,409

Tech Mahindra Limited

Consolidated Audited Interim Financial Results for the quarter ended June 30, 2021

Primary Segments

Consolidated Audited Interim Financial Results for the quarter ended June 30, 2021 Primary Segments Primary Business Segments based on the type of services Company identifies its The		offered, i.e. IT Services & BPO services.
t wise Revenue, Results and Capital Employed Seg piace:		Quarter ended June 30, 2021 March 31, 2021 June 30, 2020 March 31, 2021		Year ended
Segment Revenue	90,158	86,730	83,667	340,495
a) IT b) BPO Total Sales / Income from operations	11,818 101,976	10,569 97,299	7,396 91,063	38,056 378,551
Segment Profit before tax, interest and depreciation	16,244	16,524	12,504	60,421
a) IT b) BPO Total	2,520 18,764	2,957 19,481	501 13,005	8,049 68,470
Less: (i) Finance costs	381	417	503	1,740
(i) Other un-allocable expenditure,net off un-allocable income Add:	438	3,625	(329)	7.213
Share of Profit / (Loss) of Associates Profit before tax	(2) 17,943	2 15,441	1 12,832	12 59,529
Statement of Segment Assets and Liabilities		June 30, 2021	June 30, 2020	March 31, 2021
Segment Assets Trade and Other Receivables IT		95,115	100,633	89,331
BPO Total Trade and Other Receivables		11,658 106,773	8,085 108,718	11,201 100,532
Goodwill im		41,010	32,517	34,462
BPO Total Goodwill		7,423 48,433	3,745 36,262	5,620 40,082
Unallocable Assets TOTAL ASSETS Segment Liabilities		265,432 420,638	238,202 383,182	256,166 396,780
Unearned Revenue IT		8,206	7,338	7,414
BPO Total Unearned Revenue		265 6,471	1,010 8,348	286 7,700
Unallocable Liabilities TOTAL		145,132	143,245	136,635

Segmental Capital Employed

Ore eect Malte lice Menuiarire Results for the quarter ended June 30, 2021

Notes :

¹These 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 results for the quarter ended March 31, 2021 are the balancing figures prepared on the basis of consolidated audited financial statements for the year ended March 31, 2021 and the consolidated audited condensed interim financial statements upto third quarter ending December 31, 2020.The quarterly 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 July 29, 2021,

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

Proceedings in relation to 'Alleged Advances':

Erstwhile 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 Satyam (referred to as 'alleged advances'). These letters were followed with legal notices claiming repayment for a sum of Rs. 12,304 million together with damages/compensation @ 18% per annum till the date of repayment. The erstwhile Satyam had not acknowledged any liability and replied to the legal notices stating that the claims are not legally tenable. Subsequently, the 37 companies filed petitions for recovery against the erstwhile Satyam before the City Civil Court, Secunderabad of which 1 petition was converted into a suit and the balance 36 petitions are at various stages of pauperism/suit admission.

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, ie. alleged advances, by the former Management of the erstwhile Satyam, the new Management of the erstwhile Satyam is justified in not crediting the amounts received in their names and not disclosing them as creditors and in disclosing such amounts as 'Amounts pending investigation suspense account (net)' in the financial 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 Hon'ble High Court of Bombay sanctioning the scheme of merger of erstwhile Satyam with the Company w.e.f. April 1, 2011, which are yet to be heard. One of the aforesaid companies also filed an appeal against the order rejecting the Petition for winding up of the erstwhile Satyam. These matters have been combined for hearing

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 retum the alleged advances until further instructions. Subsequently, ED had attached Fixed Deposits for an aggregate value of Rs.6,220 million alleged to be the proceeds of crime. The Hon'ble High Court of Judicature at Hyderabad granted stay on December 11, 2012 and set aside the Provisional attachment order on December 31, 2018. Subsequently, ED filed a Special Leave Petition (SLP) before the Hon'ble Supreme Court of India against the above order of the Hon'ble High Court of Telangana. The Hon'ble Supreme Court upon hearing the parties 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)'.

• 3 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. 2,494 million) was paid upfront.
• 4 Tax expense for the Quarter Ended ("QE") June 30, 2021 is net of reversals of Rs. 390 million of earlier periods (QE & year ended March 31, 2021: Rs. 793 million ; QE June 30, 2020: Rs. Nil).
• 5 The Company has considered the possible effects that may result from COVID-19, a global pandemic on the recoverable values of its financial and non-financial assets, The impact of COVID-19 on the consolidated audited interim financial results may differ from that estimated as at the date of approval of these consolidated audited interim financial results.

6 Emphasis of Matters

The Emphasis of Matter in the Auditor's Report:

With relation to Note 2 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 extemal 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 Matters:

With regard to the Emphasis of Matter stated above, there are no additional developments which require adjustments to the consolidated 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:/Awww_techmahindra.com/en-in/investors/.

Date : July 29, 2021 r c. P. Gurnani Place : Mumbai Managing Director & CEO

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000 Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010 Western Express Highway, Goregaon (East), Mumbai - 400063

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 venture for the quarter ended 30 June 2021 ("the Statement" or "consolidated interim financial results"), 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 interim financial statements/ financial information of subsidiaries, associates and joint venture, the Statement:

• a. includes the results of the entities listed in Annexure 1;
• b. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and
• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended 30 June 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 venture 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 sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated interim financial results.

Registered Office:

BSR &Co, {a partnership firm with Registration No. BA61223) converted into BS R & Co. LLP 141th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco (a Limited Liability Partnership with LLP Registration No. AAB-8181) with etfect frorn October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063

Tech Mahindra Limited Independent Auditors' Report — 30 June 2021 (continued)

Emphasis of Matter

We draw attention to Note 2 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.

Responsibility of the 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 Management and the Holding Company's 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 venture 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 Board of Directors of the companies included in the Group and of its associates and joint venture 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 and Board of Directors of the companies included in the Group and of its associates and joint venture 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 Management / Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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

Tech Mahindra Limited Independent Auditors' Report — 30 June 2021 (continued)

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.

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 Management and 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 venture to cease to continue as a going concern,
• = Evaluate the overall presentation, structure and content of the consolidated interim financial results, 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 venture 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 (a) of the section 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.

Tech Mahindra Limited Independent Auditors' Report — 30 June 2021 (continued)

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

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.

Other Matters

(a) The consolidated interim financial results include the audited financial results of 55 subsidiaries, whose interim financial statements / financial information reflect Group's share of total revenue (before consolidation adjustments) of Rs. 26,382 million and Group's share of total net profit after tax (before consolidation adjustments) of Rs. 1,461 million for the quarter ended 30 June 2021, as considered in the consolidated interim financial results, which have been audited by their respective independent auditors. The independent auditors' reports on interim financial statements /financial information of these entities have been furnished to us 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 paragraph above.

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

(b) Attention is drawn to the fact that the figures for the 3 months ended 31 March 2021 as reported in these consolidated interim financial results are the balancing figures between audited figures in respect of the full previous financial year and the published audited year to date figures up to the third quarter of the previous financial year.

Our opinion is not modified in respect of this matter.

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

JA MI L Digitally signed by JAMIL AHMED. anmeo kuatel Date: 2021.07.29 KHATRI 15:17:16 +0530"

Jamil Khatri Partner Place: Mumbai Membership No. 102527 Date: 29 July 2021 UDIN: 21102527AAAABB9486

Annexure 1: List of entities consolidated as at and for the quarter ended 30 June 2021

i) List of subsidiaries:

• Tech Mahindra (Americas) Inc.
• Tech Talenta Inc.
• Tech Mahindra GmbH
• a TechM IT - Services GmbH
• Tech Mahindra Norway AS
• od AN Tech Mahindra (Singapore) Pte Limited
• Tech Mahindra (Thailand) Limited
• Tech Mahindra ICT Services (Malaysia) SDN. BHD
• Harlosh Limited
• 10 Tech Mahindra (Beijing) IT Services Limited
• 11 Tech Mahindra (Nigeria) Limited
• 12 Tech Mahindra (Bahrain) Limited. S\$.P.C.
• 13 Tech Mahindra Netherlands B.V.
• 14 Tech Mahindra South Africa (Pty) Limited
• 15 Tech Mahindra Holdco Pty Limited
• 16 Tech Mahindra Communications Japan Co., Ltd
• 17 Tech Mahindra DRC SARLU (struck off)
• 18 NTH Dimension Ltd
• 19 Tech Mahindra Business Services Limited (Application filed for merger on 19 February 2021)
• 20 Tech Mahindra Arabia Limited
• 21 Tech Mahindra Sweden AB
• 22 Tech Mahindra LLC
• 23 Tech Mahindra Chile SpA
• 24 Comviva Technologies Limited
• 25 Leadcom DRC SPRL
• 26 Comviva Technologies Nigeria Limited
• 27 Tech Mahindra (Shanghai) Co. Ltd
• 28 Tech Mahindra (Nanjing) Co. Ltd
• 29 Tech Mahindra Technologies, Inc.
• 30 The Bio Agency Ltd
• 31 Tech Mahindra Vietnam Company Limited
• 32 Citisoft Plc.

• 33 Citisoft Inc.

• 34 Tech Mahindra Servicos De Informatica S.A

• Tech Mahindra De Mexico S.DE R.L.DE C.V
• Satyam Venture Engineering Services Private Limited
• Satyam Venture Engineering Services (Shanghai) Co Limited
• Satven GmbH
• vCustomer Philippines Inc.,
• vCustomer Philippines (Cebu), Inc.,
• Mahindra Engineering Services (Europe) Limited
• PT Tech Mahindra Indonesia
• 42 43 44 TC Inter-Informatics a.s.
• Comviva Technologies Singapore Pte. Ltd
• Comviva Technologies FZ-LLC
• 45 46 47 Comviva Technologies B.V.
• Comviva Technologies (Australia) Pty Ltd
• 48 Tech-Mahindra Guatemala S.A
• 49 Comviva Technologies Madagascar Sarlu
• 50 Leadcom Uganda Limited
• 51 Comviva Technologies (Argentina) S.A
• 52 Comviva Technologies do Brasil Industria, Comercio, Importacao ¢ Exportacao Ltda
• 53 Comviva Technologies Colombia 8.A.S
• 54 Emagine International Pty Ltd
• 55 YABX Technologies (Netherlands) B.V.
• 56 Sofgen Holdings Limited
• 57 Tech-Mahindra Ecuador S.A
• 58 Tech-Mahindra S.A
• 39 Tech Mahindra Technology Services LLC
• 60 Lightbridge Corporation Communications
• 61 Sofgen Africa Limited
• 62 Leadcom Integrated Solutions Tanzania Ltd.
• 63 Tech Mahindra Costa Rica Sociedad Anonima
• YABX India Private Limited
• 64 65 Tenzing Limited

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

66	Tech Mahindra (Switzerland) SA (Formerly known as Sofgen SA)
67	Leadcom Integrated Solutions (L.1.S) Ltd.
68	Leadcom Ghana Limited
69	Leadcom Gabon S.A.
70	Leadcom Integrated Solutions Rwanda Ltd.
71	Leadcom Integrated Solutions Tchad SARL
72 73	Leadcom Integrated Solutions (SPV) SAS STA Dakar
74	PF Holdings B.V.
75	Coniber S.A.
76	Leadcom Integrated Solutions Myanmar Co. Ltd
77	Telecommunications Africaine Societe de (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 Target Financial Systems Limited
81	Elderbridge Limited
82 83	Network Services Mahindra Tech
84	International Inc. Tech Mahindra Network Services Belgium
85	Tech Mahindra Spain 8.L.
86	LCC Design and Deployment Services Ltd.
87	LCC Italia s.r.1. (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 LCC Limited Servis
	(Under liquidation)
92	LCC United Kingdom Limited
93	LCC Deployment Services UK Limited
94	Services Communications Wireless LCC
	Marox, SARLAU
95	LCC Middle East FZ-LLC
96	Services Deployment & Engineering LCC Misr, Ltd (Under liquidation)
97	Tech-Mahindra de Peru S.A.C.
98	LCC Saudi Arabian Telecom Services Co Ltd
99	LCC Telecom Services Co. Arabian Saudi

Ltd/Jordan WLL (Under liquidation)

100 LCC Muscat LLC 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 EL? 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 Lightbridge Communications Corporations LLC LCC do Brasil Ltda (Under liquidation) Tech-Mahindra Bolivia S.R.L. Tech-Mahindra Panama, 8.A. Tech Mahindra Products Services Singapore Pte. Limited (Formerly known as Sofgen Services Pte. Ltd.) Tech Mahindra Colombia S.A.8 Pininfarina of America Corp. Pininfarina Deutschland Holding Gmbh Pininfarina Deutschland Gmbh Pininfarina Shanghai Co., Ltd Pininfarina Engineering (Under liquidation) Tech Mahindra Fintech Holdings Limited Target TG Investments Limited Tech Mahindra Healthcare LLC (merged with CJS Solutions Group, LLC w.e.f 22 June 2021) Target Group Limited Tenzing Australia Limited The CJS Solutions Group LLC HCI Group Australia Pty Ltd S.R.L TML Benefit Trust Healthcare Clinical Informatics Ltd Leadcom Integrated Solutions Kenya Limited LCC Central America de Mexico SA de CV LCC France SARL Comviva Technologies USA Inc LCC Networks Poland Sp.z.o.o Leadcom Integrated Solutions International B.V. Dynacommerce Holding B.V. Dynacommerce B.V. LCC Wireless Communications Espana, SA Comviva Technologies Cote D'ivoire Tech Mahindra Consulting Group Inc. (formerly known as Objectwise Consulting Group Inc.) Mad*Pow Media Solutions, LLC Tech Mahindra France Born Commerce Private Limited (Application filed for merger on 23

135 February 2021) Born Group Pte Limited

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

136 137	Group FMG Holdings B.V. Whitefields Holdings Asia Limited (Under	155 156	Tech Mahindra Luxembourg S.ar.1. Tech Mahindra Credit Solutions Inc.
138	liquidation) Born Japan Kabhushiki Kaisha	157	Perigord Asset Holdings Limited
139	Born Digital Sdn Bhd	158	Perigord Premedia Limited
140	Born Creative Commerce Group Inc.	159	Perigord Data Solutions Limited
141	Born London Limited	160	Perigord Premedia USA Inc.
142	Born Group Inc	161	Artwork August Solutions Faller Gmbh
143	Born Group HK Company Limited	162	Premedia Perigord (India) Private Ltd.
144	Comviva Technologies Myanmar Limited	163	Perigord Data Solutions (India) Private Limited
	Mahindra Engineering Services ESOP Trust	164	Momenton Pty Ltd.
145 146	Satyam Associates Trust	165	Digital Onus Inc. (Acquired w.e.f 07 May 2021)
147	Zen3 Infosolutions (America) Inc.	166	OnUs Technologies Digital Inc. (Acquired w.e.f 07 May 2021)
148	Zen3 Infosolutions Private Limited	167	Digital OnUs, S. De R.L. de C.V. (Acquired w.e.f 07 May 2021)
149	Oslo Solutions LLC	168	Technology Digitalops Private May Limited (Acquired w.e.f 07 2021)
150	Zen3 Infosolutions Inc	169	Healthnxt Inc. (Incorporated on 27 April 2021)
151	Zen3 Information Technologies Limited (Under liquidation)	170	LLC Eventus Group, Solutions (Acquired on 18 June 2021)
152	Mahindra Cerium Tech Limited Private (formerly known as Cerium Systems Private Limited)	171	Begig Private Limited (Incorporated on 22 April 2021)
153	Tech Mahindra Cerium Systems Inc.	172	Mahindra Tech Servicos Ltda (Incorporated on 21 May 2021)
154	Tech Mahindra Cerium Systems SDN. BHD.

ii) List of Associates and Joint Venture:

• Avion Networks, Inc.
• SARL Djazatech
• EURL LCC UK Algerie
• Goodmind S.r.l.

nun Signature S.r.l. Vitaran Electronics Private Limited Info Tek Software & Systems Private Limited SCTM Engineering Corporation (Joint Venture)

	: Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com Registered Offic investor.relations@techmahindra.com. CIN : L64200MH1986PLC041370 atu Standalone Au Financial Interim d	Tech Mahindra Limited WCUmcile Re we	Pa	ra
			Quarter ended	Rs. in million except Earnings per share	Year ended
	rence		June 30,2021 March 31,2021 June 30,2020		March 31, 2021
1	Revenue from Operations 2_ Other Income	79,315 2,397	75,068 2,070	71,647 2/18	9.218
	3 [Total Income (1 + 2) 4 Expenses Employee Benefit Expenses Subcontracting Expenses	81712 26,019 29,837	77,138 21,979 26,915	74,362 22,548 29,615	296,409 305,627 91,626 113,206
	Finance Costs Depreciation and Amortisation Expense	181 4,535	147 1577	183 1,686	632 6,623
	Other Expenses	9.445	9,808	9.311	36,835
	Impairment of non-current investments (Refer note 3) Total Expenses	1434 68.451	1,439 61,865	: 63,343	1,439 250,361
	5 Profit before Tax (3-4)	13,261	15,273	11,019
	6 Tax Expense (Refer note 4) Current Tax	3,930	3,065	3,252
	Deferred Tax	(534)	530	(775)
	Total Tax Expense 7 Profit after tax (5 - 6)	3,399 9,862	3595 11,678	2,477 8,542
	8 Other Comprehensive Income / (Loss)
	A. Items that will not be reclassified to Profit or (Loss) (net of taxes) B. Items that will be reclassified to Profit or (Loss) (net of taxes)	(64) (573)	(14) 4145	26 476
	__ Total Other Comprehensive Income / (Loss) (A+B)	(637)	1,131	502
	9 Total Comprehensive Income (7 + 8)	9,225	12,809	3.044
	10 Paid-up Equity Share Capital (Face Value of Share Rs. 5) 11 Total Reserves 12 Eamings Per Equity Share in Rs.	4,845	4.841	4.81	55,266: 13,604 (729 12,875 42,391 7 2,446 2,453 44,844 4,841 245,317

Notes :

• 4 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 (Indian Accounting Standards) Rules 2015. The results for the quarter ended March 31, 2021 are the balancing figures prepared on the basis of standalone audited financial statements for the year ended March 31, 2021 and the standalone audited condensed interim financial statements upto third quarter ending December 31, 2020. The quarterly 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 July 29, 2021,
• 2 Certain matters relating to erstwhile Satyam Computer Services Limited (erstwhile Satyam):

Proceedings in relation to 'Alleged Advances':

Erstwhile 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 Satyam (referred to as 'alleged advances'). These letters were followed with legal notices claiming repayment for a sum of Rs. 12,304 million together with damages/compensation @ 18% per annum till the date of repayment. The erstwhile Satyam had not acknowledged any liability and replied to the legal notices stating that the claims are not legally tenable. Subsequently, the 37 companies filed petitions for recovery against the erstwhile Satyam before the City Civil Court, Secunderabad of which 1 petition was converted into a suit and the balance 36 petitions are al various stages of pauperism/suit admission.

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 amounts received in their names and not disclosing them as creditors and in disclosing such amounts as 'Amounts pending investigation suspense account (net)' in the financial 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 Hon'ble High Court of Bombay sanctioning the scheme of merger of erstwhile Satyam with the Company w.ef. Apni 1. 2011, which are yet to be heard. One of the aforesaid companies also filed an appeal against the order rejecting the Petition for winding up of the erstwhile Satyam. These matters have been combined for hearing.

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 until further instructions. Subsequently, ED had attached Fixed Deposits for an aggregate value of R's.8,220 million alleged to be the proceeds of crime. The Hon'ble High Court of Judicature at Hyderabad granted stay on December 11, 2012 and set aside the Provisional attachment order on December 31, 2018. Subsequently, ED filed a Special Leave Petition (SLP) before the Hon'ble Supreme Court of India against the above order of the Hon'ble High Court of Telangana.The Hor'ble Supreme Court upon hearing the parties 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)'.

• 3 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 impairment of Rs.1,434 million in the staternent of profit and loss for the Quarter Ended ("QE") June 30, 2027 (QE & year ended March 31, 2021: Rs.1,439 million ; QE June 30, 2020; Nil).
• 4 Tax expense for the Quarter Ended ("QE") June 30, 2021 is net of reversals of Rs. 434 million of earlier periods (QE & year ended March 31, 2021: Rs. 201 million ; QE June 30, 2020: Nil).
• 5 The Company has considered the possible effects that may result from COVID-19, a global pandemic on the recoverable values of its financial and non-financial assets. The impact of COVID-19 on the standalone audited interim financial results may differ from that estimated as at the date of approval of these standalone audited interim financial results.

6 Emphasis of Matter

The Emphasis of Matter in the Auditors' Report:

With relation to Note 2 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, 2014, 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 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 : July 29, 2027 c. P. Gurnani

/

Place ; Mumbai Managing Director & CEO aes

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000 Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010 Western Express Highway, Goregaon (East), Mumbai - 400063

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 June 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 June 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.

(a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Western Express Highway. Goregaon (East), Murnbai - 400063

Ragistered Office:

BSR &Co. {a partnership firm with Registration No, BAG1223) converted into BS R & Co. LLP 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center,

Tech Mahindra Limited Independent Auditors' Report — 30 June 2021 (continued)

Emphasis of Matter

We draw attention to Note 2 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.

Responsibility of the 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 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.

Tech Mahindra Limited Independent Auditors' Report — 30 June 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 financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

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.

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.

Tech Mahindra Limited Independent Auditors' Report — 30 June 2021 (continued)

Other Matters

Attention is drawn to the fact that the figures for the 3 months ended 31 March 2021 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published audited year to date figures up to the third quarter of the previous financial year.

Our opinion is not modified in respect of this matter.

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

JAM | lL Digitally signed by JAMIL AHM ED a EI D KHATRI 2021.07.29 KH ATRI 15:15:52 +05'30'

Jamil Khatri Partner Place: Mumbai Membership Number: 102527 Date: 29 July 2021 UDIN: 21102527AAAABC7846

Tech Mahindra Q1'22 Revenues up 14.6% Q1'22 Profit after tax up 42.2%

Pune — July 29t, 2021: Tech Mahindra Ltd., a specialist in digital transformation, consulting and business re-engineering services today announced the audited consolidated financial results for its quarter ended June 30, 2021.

Financial highlights for the quarter (USD)

• e Revenue at USD 1383.6 mn; up 4.1% QoQ and 14.6% YoY
• o Revenue growth at 3.9% QoQ in constant currency terms
• e EBITDA at USD 254.3 mn; down 4.4% QoQ, up 47.5% YoY
• o Margins at 18.4%; down 160bps QoQ
• e Profit after tax (PAT) at USD 183.2 mn; up 24.1% QoQ and 42.2% YoY
• e Freecash flow at \$ 172.4 mn, conversion to PAT at 94.1%

Financial highlights for the quarter (%)

• e Revenue at = 10,198 crores; up 4.8% QoQ and 12.0% YoY
• e EBITDA at Z 1,876 crores; down 3.7% QoQ, up 44.3% YoY
• e PATat% 1,353 crores; up 25.1% QoQ and 39.2% YoY

Other Highlights

• e Total headcount at 126,263, up 5209 QoQ
• e Cash and Cash Equivalent at USD 1818.2 mn as of June 30, 2021

TTC TTT atlas Un

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

We have witnessed an all rounded performance this quarter with growth across our key markets and industry sectors. We continue to see strong traction in large deal wins as we are helping our customers in integrated digital transformation. Our focus on key technology pillars wrapped around experience-led approach with TechM Nxt.Now will help us to capitalize on the strong demand momentum.

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

We continue to build on our profitability journey and have reported highest ever quarterly Revenue and Profit After Tax this quarter. Delivery Excellence will be a cornerstonein improving our operational and financial metrics, as we look to capitalize on the incremental digital spends over the course of the year.

• e Tech Mahindra has won a deal with a leading UK telecom company for end to end customer experience for both consumer and enterprise businesses.
• e Tech Mahindra has been engaged by one of the largest private healthcare systems in US as a managed service partner for technology transformation.
• e Wona strategic digital assurance deal with an American technology company.
• e Tech Mahindra has been chosen by a Tier 1 US Telco in the data and analytics space for data platform modernization and cloud migration.
• e Tech Mahindra has been chosen by Tier 1 automotive equipment supplier for managed security services and greenfield service desk implementation. |
• e Engaged by world's Largest Public Funded Healthcare Program for establishing and managing contact centre operations for COVID vaccination programs.
• e Tech Mahindra has been chosen by an Australian government division as a digital transformation partner.

TARE TIT UR eV H

• e Tech Mahindra has won a deal with one of the largest railroad company in North America for strategic IT modernization leveraging the digital and analytics expertise.
• e Tech Mahindra has been selected by an Asia Pacific energy company for end to end transformation including infrastructure, cloud, cybersecurity services.
• e Tech Mahindra has been engaged by a large bank in Africa for core banking transformation.

Business Highlights

• e Tech Mahindra to launch 'Stablecoin-As-A-Service' blockchain solution for global banks and financial institutions with Quantoz, Netherlands-based innovative Blockchain technology application incubator, specialized in building and implementing Blockchain-based solutions.
• e Tech Mahindra has joined the 1.5°C Supply Chain Leaders to reduce its greenhouse gas emissions across the full value chain.
• e TechMahindraand RajasthanRoyals, inaugural IPL (Indian Premier League) champions, have partnered to build on fan loyalty and fan monetization. This collaboration aims to derive three times the value from a loyal fan base using Tech Mahindra's digital platform powered by nex generation technologies.
• e Tech Mahindra has launched ServiceNow Business Unit to accelerate digital transformation for customers globally. It is focused on delivering innovative industry solutions for key verticals like Telecommunications, Media and Entertainment and Energy & Utility.
• e Tech Mahindra has announced partnership with TAC Security, the global leader of risk & vulnerability management, to enable next-generation enterprise security for customers globally.
• e Tech Mahindra foundation, the CSR (Corporate Social Responsibility) arm of Tech Mahindra announced its support to Mission Oxygen, an initiative by Democracy People Foundation, to ensure last mile delivery of oxygen supply across India. The partnership will strive to ensure that hospitals, nursing homes and medical care facilities, especially in tier-2 cities, get immediate access to oxygen.
• e Tech Mahindra is partnering with many of its global customers to collectively drive the COVID-19 support movement in India.
• e Tech Mahindra has announced a partnership with the International Chess Federation for creating the Global Chess League together. The competition will be established as a first-ofits-kind "phygital" (physical and digital) league, engaging players from all levels — professional or otherwise.
• e Tech Mahindra has announced its support to #OxygenForindia, a volunteer-run organization put together by the Center for Disease Dynamics, Economics & Policy (CDDEP), to deploy 3,000 oxygen concentrators and 40,000 oxygen cylinders to help resolve the oxygen crisis in India.

ATTA IT atlas oe as

Awards and Recognitions

• e Tech Mahindra has received the Golden Peacock HR excellence award.
• ® Tech Mahindra has been recognized amongst the top 10 trusted big data analytics companies in India 2021 - 2022 by TopAppDevelopmentCompanies.com.
• e Tech Mahindra has won 2 Awards at SAP Partner Summit
• o INDIA Best GSSP Partner of the Year &
• o Best Customer Experience Partner at SAP India Partner Summit.
• e Tech Mahindra has been recognized as 'Leader of the Year' by CEO Today Magazine Middle East Awards 2021.
• e Tech Mahindra's CEO, CP Gurnani has been recognized as 'Inspiring CEO 2021' by the Economic Times.
• e Tech Mahindra has been recognized among the Economic Times Iconic Brands 202.
• e Tech Mahindra has emerged as a winner of NASSCOM Engineering &lnnovation Excellence Awards 2021 for Service Delivery Excellence & Next-Gen Products; for its projects on Vehicle Top Hats & Distributed Ledger DnD.

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 126,200+ professionals across 90 countries helping 1058 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-enddigital 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 Experience' for our ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrows 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 goalto drive positive change in the lives of communities and stakeholders to enable them to Rise.

Our Social Media Channels © mG

For Further Queries:

Kaustubh Vaidya _ Abhilasha Gupta

Phone: +91 98208 91860 _ Phone: +91 97179 46080 Email: kaustubh.vaidya@techmahindra.com Email: abhilasha.gupta@TechMahindra.com

Kavya Bagga Kanika Vats

Phone: +91 70660 07951 Phone: +91 98993 21495 Email: kawa.bagga@techmahindra.com Email: kanika.vats @techmahindra.com

investor. relations @techmahindra.com Media.relations @techmahindra.com

Head — Investor Relations Head - Corporate Communications & Public Affairs

Investor Relations Corporate Communications & Public Affairs:

Disclaimer Certain statements inthis release conceming the future prospects of Tech Mahindra Limited ('the Company' or "TechM') are fo nward-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, fromtime to time, makes written andoral forward-looking statements based on information available with the management of the Company andthe 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.

TAM TUL ACA Ren ano c

P&L in INR Mn	Q1 FY22	Q4 FY21	Q1 FY21
Revenue	101,976	97,299	91,063
Cost of Services	69,682	64,497	65,105
Gross Profit	32,294	32,802	25,958
SG&A	13,530	13,321	12,953
EBITDA	18,764	19,481	13,005
Other Income	2,873	326	4,161
Interest Expense	381	417	503
Depreciation & Amortization	3,311	3,444	3,832
Impairment of Goodwill and non current assets	$\overline{\phantom{0}}$	507
Share of profit / (loss) from associate	(2)	$\overline{2}$	1
Profit before Tax	17,943	15,441	12,832
Provision for taxes	4,286	4,998	3,276
Minority Interest	(125)	371	167
Profit after Tax	13,532	10,814	9,723
EPS (₹/share)
Basic	15.43	12.37	11.13
Diluted	15.32	12.26	11.07
All advise and the $\,6$ $\sqrt{99}$ Copyright @2021 Tech Mahindra. All rights reserved.

Q1 FY22 KEY HIGHLIGHTS

USD 1,384 Mn Revenue	15.2% EBIT Margin	USD	815 Net New Deal Wins	Mn	USD Mn 172 Free Cash Flow
Revenue Growth (USD)		QoQ		YoY
		Reported	cc	Reported	Gc
Communications, Media & Entertainment (CME)		3.2%	2.9%	12.6%	7.8%
Enterprise		4.7%	4.5%	16.0%	12.9%
Total Revenue		4.1%)	3.9%	14.6%	10.8%

Revenue Growth (USD)	QoQ		YoY
	Reported	cc	Reported	Gc
Communications, Media & Entertainment (CME)	3.2%	2.9%	12.6%	7.8%
Enterprise	4.7%	4.5%	16.0%	12.9%
Total Revenue	4.1%)	3.9%	14.6%	10.8%
*Previous period figures are restated wherever required
Revenue by Industry %	QIFY22	Q4FY21	Q1FY21	QoQ
Communications, Media & Entertainment (CME)	40.0%	40.4%	40.7%)	3.2%
Manufacturing	16.5%	16.4%	16.9%	45%
Technology	8.8%	8.5%	8.2%	8.1%
Banking,Financial services & Insurance	16.4%	16.4%	15.7%)	3.7%
Retail, Transport & Logistics	a	77%	7.8% I «=	3.2%
		10.6%]	— 10.9%	4.8%
Others *Reclassified starting Q1'FY22. Restated as per new classification for FY21. Revenue by Geography %	10.6% Q1FY22	Q4FY21	Q1FY21
Americas	46.7%	45.5%)	49.3%)
Europe	27.2%	26.5%!	25.8%!
Rest of world	26.1%	28.0%	24.9%	6.8%! 6.6% -2.7%
Onsite Offshore	62% i 38%	63% 37%	64% 36%

				3.2%	16.4%
Others	10.6%	10.6%]	— 10.9%	4.8%	11.1%
*Reclassified starting Q1'FY22. Restated as per new classification for FY21.
Revenue by Geography %	Q1FY22	Q4FY21	Q1FY21
Americas	46.7%	45.5%)	49.3%)	6.8%!	8.4%
Europe	27.2%	26.5%!	25.8%!	6.6%	20.5%
Rest of world	26.1%	28.0%	24.9%	-2.7%	20.7%
Onsite	62% i	63%	64%
Offshore	38%	37%	36%

Onsite	62% i	63%	64%
Offshore	38%	37%	36%

Net New Deal Wins (USD Mn) Q1FY22 Q4FY21 Q1FY21 Communications, Media & Entertainment (CME) 352 | 518 106 Enterprise | 463) 525) 185 Total 815 | 1,043 | 290

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

No. of Active Clients & % of Repeat Business	Q1FY22	Q4FY21	Q1FY21
No. of Active Clients	1,058	1,007	981
% of Repeat Business	96%)	92%	97%

No. of Active Clients	1,058	1,007	981
% of Repeat Business	96%)	92%	97%
> \$1 million clients	466	451	451
> \$5 million clients	168;	169)	161
2 \$10 million clients	86	85	81
2 \$20 million clients	51	50	48
2 \$50 million clients	22	21	21
Client Concentration	Q1FY22	Q4FY21	Q1FY21
Total Headcount (As at period-end)	Q1FY22	Q4FY21	Q1FY21
BPO professionals	49,668	46,125	45,554
Sales & support	6,718	6,502	6,842
Attrition & Utilization	Q1FY22	Q4FY21	Q1FY21
IT Attrition % (LTM) #	17%	13%	17%
IT Utilization % #	88%	87%	82%
IT Utilization % (Excluding Trainees) #	89%	87%	82%
# Metrics for Organic business

Client Concentration	Q1FY22	Q4FY21	Q1FY21	QoQ	YoY
Top 5	22%	22%	22%	3.6%	16.6%
Top 10	31%	31% =	31%!	4.6%	(15.0%
Top 20	43%	43%	43%	4.1%	14.0%

Top 10	31%	31% =	31%!	4.6%	(15.0%
Top 20	43%	43%	43%	4.1%	14.0%
Total Headcount (As at period-end)	Q1FY22	Q4FY21	Q1FY21	QoQ	YoY
Software professionals	69,877	68,427	71,020	2.1%	-1.6%
BPO professionals	49,668	46,125	45,554	TS	9.0%
Sales & support	6,718	6,502	6,842	3.3%	-1.8%
Total Headcount	126,263)	121,054	123,416,	4.3%	2.3%
Attrition & Utilization	Q1FY22	Q4FY21	Q1FY21
IT Attrition % (LTM) #	17%	13%	17%
IT Utilization % #	88%	87%	82%
IT Utilization % (Excluding Trainees) #	89%	87%	82%
# Metrics for Organic business

Attrition & Utilization	Q1FY22	Q4FY21	Q1FY21
IT Attrition % (LTM) #	17%	13%	17%
IT Utilization % #	88%	87%	82%
IT Utilization % (Excluding Trainees) #	89%	87%	82%

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Cash Flow	Q1FY22	Q4FY21	Q1FY21
Receivable Days (DSO)-Including Unbilled	33	92	107
Capital Expenditure (USD Mn)	22	20	26
Free Cash Flow (USD Mn)	172	187	317
Free Cash Flow to PAT %	94.1%	126.6%	245.9%

"Free cash Flowis as per Management Reporting

Cash & Borrowings (INR Mn)	Q1FY22	Q4FY21	Q1FY21
Borrowings **	16,232	16,928	21,144
Cash and Cash Equivalent *	135,146	130,199	104,083

Cash & Borrowings (USD Mn)	QLFY22	Q4FY21	-@1.FY21
Borrowings **	218	232	280
Cash and Cash Equivalent *	1,818	1,781	1,378

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

USD Rupee Rate	Q1FY22	Q4FY21	Q1FY21	QoQ	YoY
Period closing rate	74,33	LOAF	75.51	1.7%	-1.6%
Period average Rate	73.67	73.18]	75.42	0.7%	-2.3%

% of Revenues From Major Currencies	Q1FY22	Q4FY21	O1FY21
USD	49.9%	50.2%	52.2%
GBP	11.0%	11.8%,	11.2%
EUR	10.4%	9.5%!	8.7%
AUD	4.6%	4.5%!	4.8%
Others	24.1%) =	24.0%	23.1%

Cash & Borrowings (INR Mn)	Q1FY22	Q4FY21	Q1FY21
Borrowings **	16,232	16,928	21,144
Cash and Cash Equivalent *	135,146	130,199	104,083
Cash & Borrowings (USD Mn)	QLFY22	Q4FY21	-@1.FY21
Borrowings **	218	232	280
Cash and Cash Equivalent *	1,818	1,781	1,378
"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 Jeases
USD Rupee Rate	Q1FY22	Q4FY21	Q1FY21
Period closing rate	74,33	LOAF	75.51
Period average Rate	73.67	73.18]	75.42
% of Revenues From Major Currencies	Q1FY22	Q4FY21	O1FY21
USD	49.9%	50.2%	52.2%
GBP	11.0%	11.8%,	11.2%
EUR	10.4%	9.5%!	8.7%
AUD	4.6%	4.5%!	4.8%
Others	24.1%) =	24.0%	23.1%
Hedge Book	Q1FY22	Q4FY21	Q1FY21
GBP In Mn	351.0	251.0)	292.0
Strike rate (INR)	406.2	102.7;	1004
USD In Mn	4,317.0}	1,328.0]	1,492.0
Strike rate (INR)	79.4	79.3	77.4
EUR In Mn	367.0	3010]	3600
Strike rate (INR)	94.4	93.0	90.2

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at amen	RAC	Tarte	L no cs	QoQ
Revenue From Operations	101, 976	97,299	91,063	4.8%)	12.0%
Cost of services	69, 682	64,497	65,105	8.0%	7.0%
Beer Gross Profit Mae	; 32,294, [32802		25,958	-1.5%	24.4%
SGA	13,530]	13,321]	12,953)	1.6%	4.4%
EBIDTA	V2: 18,764)	19,481	13,005)	-3.7%	44.3%
aus 8 8=——rt—<"' <i'i—~™~™oocc< td="">		0%	14.3%)	-1.6%	4.1%		0%	14.3%)	-1.6%	4.1%
© Depreciation & Amortization	3, 311	a4 3	3,832	-3.9%	~13. 6%
er	aaa	46, 037	-9173	-36%!	68.5%
EBIT %	45.2%	«16. 5%		40.1%! -1.3%	«5.1%
Impairment of Goodwill and non current assets	=	507	-
Other income	2873}	326)	4,161	781.3%)	—-31.0%
Foreign Exchange (loss)/ gain	LOTT	(628)	857	-271.5%	25.7%
Interest, Dividend & Misc. income	1,796	954	3,304	88.3%	-45.6%
Interest expense	381,		417/503	8.6%	-24.3%
Share of profit /(loss) from associate	(2)	2	1	oi bt	-300.0%
eit Profit Before Tax	a	17,943 15,441)	12, 832	16.2%	30.8%
Provision for taxes	4286)	4998)	3,276)	14.2%	30.8%
ProfitAfterTax §= #8 §		43,657 10,443	9,556	30.8%	42.9%
Minority Interest		oari		te [138.7%]	-174.0%
Net Profit after tax (After Minority Interest)	13,532)	10,814)	9,723,	-28.1%	30.2%
Net PAT %	ee	1%)	10.7%	2.2%	26%
EPS (In Rs)
Basic	15.43}	12.37;	11.13}	24.8%	38.7%
Diluted	1532/	1226!	11.07)	25.0%	38.4%
Notes:

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									Mahindra
	P&L in USD Mn				Q1FY22	Q4FY21	Q1FY21
	Revenue From Operations				1,383.6)	1,329.6	1,207.5	4.1%}	14.6%
	Cost of services				945.5	881 4	863.3	7.3%!	9.5%

P&L in USD Mn	Q1FY22	Q4FY21	Q1FY21
Revenue From Operations	1,383.6)	1,329.6	1,207.5	4.1%}	14.6%
Cost of services	945.5	881 4	863.3	7.3%!	9.5%
SGA	fae)	61821	1717)	09%	7.0%
EBIDTA }	2543/	266.1	1724)	-4.4%	47.5%
EBIDTA %	744%	20.0%	14.3%)	-1.6%	4.1%
Depreciation & Amortization	44.9	47.1	50.8	sa	-11.6%
EBIT	999.3]	2t9.0/	124.6)	4.4%!	72.2%
EBIT %	15.2%	16.5%)	10.1%	-1.3%	5.1%
Impairment of Goodwill and non current assets	in	6.9	=
Other income	388	44	551	776.2%	-29.5%
Foreign Exchange (loss)/ gain	14.5	(8.6)!	11.3)	-268.2%	27.9%
Interest, Dividend & Misc. income	24.3	13.0	43.7	86.7%	-44.3%
Interest expense	52	5.7	67}	-9.4%	-22.5%
Share of profit /(loss) from associate	(0.0)!	0.0	0.0}	-198.4%	-303.2%
ProfitBeforeTax	243.0	210.8	—170.0	15.2%	42.9%
Provision for taxes	681	683	434]		-15.0% 33.8%
ProfitAfterTaxx §#§# =	Pa 1849,	1426)	1266]	29.7%	46.1%
Minority Interest		5.1	22	-133.5%	-176.5%
Net Profit after tax (After Minority Interest)	183.2	147.7	1288)	241%!	42.2% 26%
Net PAT %	[4aa%	«17.1%	10.7%	22%,
EPS (In USD)
	021;	017]	0.15)	239%)	41.9%
Basic		ot7 0	= ots	aml «	4.7%
Diluted	eee
Notes:
1. Figures rounded off to the nearest million. 2. Previous period figures have been regrouped/rearranged wherever necessary.

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Profit after tax for the quarter at Rs. 13,532 million up 39.2% over previous quarter

Profit after tax for the quarter at Rs. 13,532 million up 39.2% over previous quarter Tech Mahindra Limited Registered Office : Gateway Building, Apollo Bunder, Mumbai 400 001. Website : www.techmahindra.com
nvestor.relations@techmahindra.com CIN : L64200MH1986PLC041370
Extract of Consolidated Audited Interim Financial Results of Tech Mahindra Limited and its sub:		es for the quarter ended June 30, 20:
:	Quarter ended June		Rs. in million except Earnings per share Year ended March Quarter ended June
eaoven® Total Revenue from Operations (Net) 1	30, 2021 101,976	31, 2024 378,551	30, 2020 91,063
Net Profit before Tax 2 Net Profit for the period after Tax (Share of the Owners of the Company) 3 Total Comprehensive Income for the Period (comprising Profit for the period after Tax and 4	17,943 13,532 13,808	59,529 44,280 47 767	12,832 9,723 9,959
Other Comprehensive Income after Tax) Equity Share Capital 5 Total Reserves 6 Earnings Per Equity Share (Rs.) 7	4.374	4,370 244,280	4,360
- Basic - Diluted	15.43 15.32	50.64 50.19	11.13 11.07
Additional information on standalone financial results is as follows: Particulars	Quarter ended June		Rs.in million Year ended March Quarter ended June
Revenue from Operations Profit before Tax Profit after Tax	30, 2021 79,315 13,261 9.862	31, 2021 296,409 55,266 42,391	30, 2020 71,647 11,019 8,542
Notes : The above is an extract of the detailed format of the standalone and consolidated interim financial results for the quarter ended June 30, 2021, filed with the 41. Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the standalone and ended consolidated June quarter interim financial results the 30, for (www.nseindia.com/www.bseindia.com) and the Company's website at the web-link: https: /Awww.techmahindra.com/en-in/investors/	2021 available are	Stock on the	Exchange websites.
These results have been prepared on the basis of the standalone and consolidated audited condensed interim financial statements which are prepared in 2 accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015 .The quarterly 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 July 29, 2021.
The Auditors have issued an unqualified opinion on the standalone and consolidated interim financial results and have invited attention to a matter (Emphasis 3 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 same Regulation available detailed on the as part the of is (www.nseindia.com/www.bseindia.com) and the Company's website (www. techmahindra.com).	formats posted 33	Stock on the	Exchange websites

Additional information on standalone financial results is as follows:			Rs.in million
Particulars	Quarter ended June 30, 2021	31, 2021	Year ended March Quarter ended June 30, 2020
Revenue from Operations	79,315	296,409	71,647
Profit before Tax	13,261	55,266	11,019
Profit after Tax	9.862	42,391	8,542

3 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).

Cc. P. Gurnani Managing Director & CEO