Shares of Tech Mahindra will remain in focus on August 21 as the IT major announced the incorporation of its wholly-owned subsidiary, Tech Mahindra Regional Headquarters, in Saudi Arabia.
The primary objective of this incorporation is to support, manage, and provide strategic direction to the company’s subsidiaries operating in Bahrain and Egypt.
Earlier this month, Tech Mahindra disclosed that Pininfarina S.p.A., its step-down subsidiary, increased its stake in Italian stationery company Signature S.r.l. from 24 percent to 84 percent, thereby making it a subsidiary of Pininfarina and, in turn, a step-down subsidiary of Tech Mahindra.
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The acquisition aims to strengthen Pininfarina’s footprint in the consumer channel and bolster the Pininfarina brand. The deal was conducted on an arm’s length basis and qualifies as a related-party transaction. The company clarified that no governmental or regulatory approvals were required for the acquisition. Signature continues to operate out of Italy.
Pininfarina S.p.A. is headquartered in Italy and is renowned for its design and engineering expertise across sectors such as automotive design, industrial design, architecture, and luxury product development.
For the first quarter, Tech Mahindra reported a 34 percent jump in net profit to Rs 1,141 crore, compared to the same period last year. Revenue grew 2.7 percent year-on-year to Rs 13,351.20 crore. The company also bagged new deals worth $809 million during the quarter, reflecting a 51 percent rise year-on-year.
Tech Mahindra’s total headcount stood at 1,48,517, marking a net addition of 897 employees during the quarter. LTM attrition was reported at 12.6 percent. The company also highlighted that its cash and cash equivalents stood at Rs 8,072 crore as of the quarter-end.
So far in 2025, shares of Tech Mahindra have declined by 10 percent, compared to a 5 percent gain in the benchmark Nifty 50 index.
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