Is Tech Mahindra a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Tech Mahindra Ltd is a good quality company .

Is Tech Mahindra undervalued or overvalued?

The key valuation ratios of Tech Mahindra Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone .

What is Tech Mahindra share price return in the past 10 years?

Tech Mahindra Ltd share price has appreciated 10.1% annually (CAGR) over the past ten years.

Is Tech Mahindra a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Tech Mahindra Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

Tech Mahindra Ltd - Stock Valuation and Financial Performance

Name: Tech Mahindra
Brand: Tech Mahindra

BSE: 532755 | NSE: TECHM | IT - Software | Large Cap

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Tech Mahindra Share Price

₹1,749.45 3.65 0.21%
as on 03-Dec'24 16:59

10 Year X-Ray of Tech Mahindra:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
ROCE % ⓘ	32.8%	26.5%	22.2%	24.3%	24.7%	21.4%	23%	26.5%	22.4%	12%	-
Value Creation Index ⓘ	1.9	1.4	1.0	1.2	1.2	0.9	1.0	1.4	1.0	0.1	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	22,621	26,494	29,141	30,773	34,742	36,868	37,855	44,646	53,290	51,996	52,291
Sales YoY Gr.	-	17.1%	10%	5.6%	12.9%	6.1%	2.7%	17.9%	19.4%	-2.4%	-
Adj EPS ⓘ	29	33.5	28.9	35.3	48.2	42.6	49.3	58.9	52.5	27	33.5
YoY Gr.	-	15.5%	-13.6%	22.2%	36.5%	-11.7%	15.7%	19.5%	-10.9%	-48.5%	-
BVPS (₹) ⓘ	123.2	161.2	181.1	208.6	224	245.3	279.1	301.7	313	298.7	270.7
Adj Net Profit ⓘ	2,785	2,915	2,536	3,120	4,278	3,712	4,308	5,167	4,619	2,386	3,273
Cash Flow from Ops. ⓘ	2,448	3,137	4,071	3,554	4,432	4,358	8,094	5,285	5,572	6,376	-
Debt/CF from Ops. ⓘ	0.3	0.4	0.3	0.7	0.5	0.6	0.2	0.3	0.3	0.2	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	9.7%	8.4%	11.2%	-2.4%
Adj EPS ⓘ	-0.8%	-10.9%	-18.2%	-48.5%
BVPSⓘ	10.3%	5.9%	2.3%	-4.6%
Share Price	10.1%	18.6%	3.2%	43.3%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Return on Equity % ⓘ	26	20.8	15.2	16.5	20.6	16.7	17.5	19.1	16.1	8.4	11.8
Op. Profit Mgn % ⓘ	17.8	15.6	13.8	15.3	18.2	14.9	18	17.9	14.6	8.7	10.6
Net Profit Mgn % ⓘ	12.5	11.1	8.8	10.1	12.3	9.7	11.2	11.7	8.7	4.7	6.3
Debt to Equity ⓘ	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0
Working Cap Days ⓘ	147	152	157	163	157	170	169	150	145	148	79
Cash Conv. Cycle ⓘ	30	27	29	34	30	25	31	37	37	41	36

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 11.16%

Return on Equity has declined versus last 3 years average to 11.70%

Net Profit has been subdued in last 3 years -18.15%

Sales growth is not so good in last 4 quarters at -2.12%

Latest Financials - Tech Mahindra Ltd.

	Standalone	Consolidated
TTM EPS (₹)	30	33.5
TTM Sales (₹ Cr.)	42,531	52,291
BVPS (₹.) ⓘ	227.5	270.7
Reserves (₹ Cr.) ⓘ	21,774	26,004
P/BV ⓘ	7.67	6.45
PE ⓘ	58.27	52.20

From the Market
52 Week Low / High (₹)	1163.70 / 1767.00
All Time Low / High (₹)	50.92 / 1837.75
Market Cap (₹ Cr.)	1,70,848
Equity (₹ Cr.)	489.3
Face Value (₹)	5
Industry PE ⓘ	34.7

Management X-Ray of Tech Mahindra:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Tech Mahindra

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Dividend History

Analyst's Notes

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Key Ratios of Tech Mahindra

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Sales	22,621	26,494	29,141	30,773	34,742	36,868	37,855	44,646	53,290	51,996
Operating Expenses ⓘ	18,814	22,363	25,117	26,090	28,405	31,359	31,059	36,656	45,498	47,531
Manufacturing Costs	636	784	878	864	886	1,068	903	1,136	1,341	1,354
Material Costs	0	0	0	0	0	0	0	0	0	0
Employee Cost	11,914	13,948	15,454	16,624	17,508	18,810	19,297	22,286	27,692	29,128
Other Costs ⓘ	6,264	7,632	8,786	8,603	10,011	11,481	10,858	13,234	16,465	17,049
Operating Profit ⓘ	3,808	4,131	4,023	4,683	6,337	5,509	6,796	7,990	7,792	4,464
Operating Profit Margin (%)	16.8%	15.6%	13.8%	15.2%	18.2%	14.9%	18.0%	17.9%	14.6%	8.6%
Other Income ⓘ	483	579	939	1,444	534	1,192	787	1,142	965	959
Interest ⓘ	69	97	129	162	133	192	174	163	326	392
Depreciation ⓘ	604	759	978	1,085	1,129	1,446	1,458	1,520	1,957	1,817
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Profit Before Tax ⓘ	3,618	3,857	3,853	4,879	5,543	5,058	5,953	7,452	6,446	3,224
Tax ⓘ	960	830	1,002	1,093	1,254	1,160	1,600	1,822	1,589	828
Profit After Tax	2,659	3,027	2,851	3,786	4,289	3,897	4,353	5,630	4,857	2,397
PAT Margin (%)	11.8%	11.4%	9.8%	12.3%	12.3%	10.6%	11.5%	12.6%	9.1%	4.6%
Adjusted EPS (₹)	27.4	34.4	32.1	43.0	48.4	46.3	50.7	63.4	54.9	26.7
Dividend Payout Ratio (%)	22%	35%	28%	33%	29%	32%	89%	71%	91%	150%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Equity and Liabilities
Shareholders Fund	11,837	14,037	15,890	18,428	19,876	21,387	24,394	26,477	27,540	26,365
Share Capital ⓘ	480	436	439	442	444	436	437	439	440	441
Reserves ⓘ	11,357	13,602	15,451	17,986	19,432	20,951	23,957	26,038	27,100	25,924
Minority Interest	160	193	464	509	478	393	380	495	470	477
Debt	675	1,002	1,220	1,726	1,405	2,428	1,662	1,490	1,486	1,461
Long Term Debt	46	197	385	771	209	179	166	142	129	103
Short Term Debt	629	806	834	955	1,196	2,250	1,496	1,348	1,357	1,358
Trade Payables	2,059	2,276	1,806	2,037	2,489	3,257	2,785	4,095	4,385	3,785
Others Liabilities ⓘ	4,728	4,485	6,420	7,161	8,590	9,044	9,544	11,495	10,976	9,896
Total Liabilities ⓘ	19,458	21,993	25,799	29,861	32,838	36,509	38,765	44,052	44,857	41,984
Fixed Assets
Gross Block	7,679	8,529	12,427	14,552	14,545	17,682	18,747	25,777	27,891	28,133
Accumulated Depreciation	3,646	4,220	6,068	7,120	7,654	8,954	9,818	11,073	13,034	14,301
Net Fixed Assetsⓘ	4,033	4,309	6,359	7,432	6,890	8,728	8,929	14,704	14,857	13,832
CWIP ⓘ	568	629	373	240	276	50	118	165	120	133
Investmentsⓘ	2,103	1,243	2,396	4,841	7,342	5,848	10,238	4,884	3,388	3,238
Inventories	25	40	61	66	75	36	24	41	24	38
Trade Receivables	5,206	5,771	5,338	6,498	6,959	7,577	9,032	11,933	12,882	11,401
Cash Equivalents	2,405	4,018	3,219	3,044	2,359	3,148	2,835	3,975	4,255	4,736
Others Assetsⓘ	5,119	5,983	8,054	7,740	8,937	11,122	7,588	8,350	9,332	8,607
Total Assets ⓘ	19,458	21,993	25,799	29,861	32,838	36,509	38,765	44,052	44,857	41,984

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Cash Flow From Operating Activity ⓘ	2,448	3,137	4,071	3,554	4,432	4,358	8,094	5,285	5,572	6,376
PBT ⓘ	3,618	3,857	3,853	4,879	5,543	5,058	5,953	7,452	6,446	3,224
Adjustment ⓘ	752	1,057	710	984	1,607	1,335	1,992	1,581	2,965	3,100
Changes in Working Capital ⓘ	-850	-461	588	-783	-1057	-522	1564	-1434	-1845	1299
Tax Paid ⓘ	-1,073	-1,315	-1,080	-1,526	-1,661	-1,513	-1,415	-2,314	-1,993	-1,247
Cash Flow From Investing Activity ⓘ	-2,092	-1,460	-2,890	-3,360	-2,116	1,029	-5,450	482	-279	-1,314
Capex	-1,113	-871	-760	-790	-779	-829	-573	-835	-969	-738
Net Investments	180	-698	-1,847	-2,784	-1,517	1,494	-4,000	5,724	522	-778
Others ⓘ	-1,159	109	-282	214	180	364	-878	-4,408	168	202
Cash Flow From Financing Activityⓘ	-829	-496	-1,571	-269	-2,251	-4,466	-2,987	-4,667	-5,078	-4,767
Net Proceeds from Shares ⓘ	58	36	35	86	36	47	57	87	44	24
Net Proceeds from Borrowing ⓘ	-574	-23	-241	743	-648	-956	-28	41	34	-26
Interest Paid ⓘ	-103	-93	-111	-160	-135	-188	-179	-123	-257	-351
Dividend Paid ⓘ	-550	-555	-1,239	-944	-1,491	-2,492	-1,759	-3,981	-4,263	-3,917
Others ⓘ	340	138	-14	5	-13	-876	-1,077	-690	-636	-497
Net Cash Flow ⓘ	-473	1,181	-389	-76	64	921	-343	1,100	215	296

Finance Ratio

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Ratios
ROE (%)	25.57	23.39	19.05	22.07	22.39	18.89	19.02	22.13	17.98	8.89
ROCE (%)	32.78	26.48	22.15	24.29	24.69	21.42	22.99	26.49	22.41	12.02
Asset Turnover Ratio	1.29	1.28	1.22	1.11	1.11	1.06	1.01	1.08	1.2	1.2
PAT to CFO Conversion(x)	0.92	1.04	1.43	0.94	1.03	1.12	1.86	0.94	1.15	2.66
Working Capital Days
Receivable Days	77	76	70	70	71	72	80	86	85	85
Inventory Days	0	0	1	1	1	1	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0

Tech Mahindra Ltd Stock News

Tech Mahindra Ltd FAQs

What is the share price of Tech Mahindra?

Company share prices are keep on changing according to the market conditions. The closing price of Tech Mahindra on 03-Dec-2024 16:59 is ₹1,749.5.

What is the market cap of Tech Mahindra?

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Dec-2024 16:59 the market cap of Tech Mahindra stood at ₹1,70,847.7.

What is the P/E ratio of Tech Mahindra?

The latest P/E ratio of Tech Mahindra as of 03-Dec-2024 16:59 is 58.27.

What is the P/B ratio of Tech Mahindra?

The latest P/B ratio of Tech Mahindra as of 03-Dec-2024 16:59 is 7.67.

What is the 52-week high and low of Tech Mahindra?

The 52-week high of Tech Mahindra is ₹1,767 and the 52-week low is ₹1,163.7.

What is the TTM revenue of Tech Mahindra?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Tech Mahindra is ₹42,531 ( Cr.) .

About Tech Mahindra Ltd

Tech Mahindra, part of the eminent Mahindra Group, is a leading global enabler of digital transformation, consulting and business re-engineering services and solutions. The company represent the bold, new, disruptive digital era, offering innovative and customer-centric services and solutions to integrate technology with businesses more meaningfully and innovatively. Its core operation has been built around the credo ‘Connected World. Connected Experiences.’ The company’s solutions help clients integrate their platforms across a wide range of technologies to deliver tangible business value to their stakeholders.

The company offers the right blend of physical and digital design, powered by technology. It uses digital capabilities to transform client’s internal businesses and technology operations, and deliver industry-leading outcomes. Its solutions help clients accelerate their digital transformation journey by building intelligent and digital-next businesses, backed by next-generation technologies. The company’s Makers Lab develops future-ready solutions by leveraging next generation technologies like Artificial Intelligence (AI), Machine Learning (ML), Robotics, Internet of Things (IoT), Augmented Reality (AR)/ Virtual Reality (VR), 5G – Network of the future. With many technology platforms and solutions, it help customers achieve faster time-to-market and incremental innovation capabilities. It delivers technology solutions across many countries in Americas, Europe, Middle-East, Latin America, Africa and Asia-Pacific. Such prudent geographic diversification also reduces market concentration risks to the business.

Business area of the company

The company offers a bouquet of services which includes Telecom IT & Network Services, Consulting, Application Outsourcing, Infrastructure Outsourcing, Engineering Services, BPO, Platform Solutions and Mobile Value Added products and Services.

Services:

Infrastructure and Cloud Services
Integrated Engineering Solutions
Enterprise Business Solution
Data Analytics
Network Services
Cyber Security
Business Process Services
Testing Services
Performance Engineering
Business Excellence Services (Consulting)
Telecom Product Engineering
Enterprise of Future
Customer Experience
Digital Supply Chain

Awards and accolades

2013-14:

Recognized as the ‘Top Telecom Company of the year’ by Voice and Data.
The Top IT & ITES Exporter from the state of Andhra Pradesh for the year 2012-13 by ITsAP - Information Technology & Services Industry Association of Andhra Pradesh.
Won Gold at Express IT awards by Financial Express for EMRI and Fightback in ‘CSR in IT category’.
Winner of 2013, 2011 and 2010 AT&T Supplier Award for outstanding performance & service to AT&T and its affiliates.
iCMG world award in the ‘IT Landscape Rationalization’ category along with BT.

2014-15:

Ranked 5th in IT and Software ranking by DUN and Bradstreet.
Digital Humanitarian Award at TMF World 2014 for deploying Women Safety Mobile Application Fightback.
Businessworld identified Tech Mahindra among the fastest growing companies in India based on financial performance.
Featured in FINTECH TOP 25 rankings for the year 2014 by IDC Financial Insights.

2015-16:

National Award for Supply Chain and Logistics Excellence.
Indo American Corporate Excellence Award for Excellence in CSR.
Dow Jones Sustainability Index under both emerging Markets and DJSI world Category.
Golden Peacock HR Excellence Award for Outstanding People Management Practices.
ET Telecom Awards for Cloud Technology.

2016-17:

The Business World HR Excellence Award.
HR Excellence Award from the Society for Human Resource Management.
Golden Peacock Award for HR Excellence.
CMO ASIA Award for Best Use of Social Media in Employer Branding, 2016.
NASSCOM Award for Best Practices in HR Technology, 2016.

2017-18:

Business World HR Award in HR Technology 2017.
Featured in AVTAR - 100 Best Companies of 2017 Working Mother and AVTAR Best Companies for Women in India.
Featured in HR Asia Best Companies To Work For In Asia 2017 - Malaysia.
Excellence in Workplace Diversity Award at Mercer NDTV Employer Excellence Awards 2017.

2018-19:

Ranked 15th on the Forbes Digital 100 list, and the highest-ranked non-US Company on the list.
Received the AICRA STEM Awards 2018 in the ‘Excellence in Automation’ category, recognizing the best automation system integrators in the business.
Gold Winner at the CEO World Award in the ‘CEO Achievement of the Year’ category.
Selected as ‘Brand of the Decade 2019’ by BARC Asia, a media research and rating agency.
Awarded Golden Peacock Global Award for Excellence in Corporate Governance – 2018 by the Institute of Directors (IOD).
Recognized as a gold winner for being the Most Innovative Cyber security Company at the Cybersecurity Excellence Awards 2019.
Featured in the Forbes Asia’s Fab 50 Companies List 2018.
One of the Top 10 Best Company for Women in India in the 2018 Working Mother & AVTAR 100 Best Companies List.

2019-20:

Winner of the ‘COMPANY OF THE YEAR – IT’ at the second edition of CNBC-AWAAZ CEO Awards for Year 2019.
Ranked 21 in India’s Best Companies to Work For 2020 by the Great Place to Work Institute. Also recognized as Best in Mega Employer and in Best Companies for Career Management list.
Recognised amongst ‘Most Valuable Digital Transformation Companies in 2019’ by a global business magazine, CIOLook.
Won the ET Innovation Award in the ‘People Innovation’ category from The Economic Times.
Tech Mahindra’s CSR arm, Tech Mahindra Foundation (TMF) received ASSOCHAM Skilling India Awards 2019 for Best Higher Vocational Institute for Skill Development.
Winner of ‘The Golden Peacock HR Excellence Award’ for the year 2019 in the IT sector.
Emerged winners in the categories of ‘Diversity & Inclusion’ and ‘HR Technology’ in both BusinessWorld HR Excellence Awards 2020 and 10th Asia’s Best Employer Brand Awards 2019.

Milestones:

2002: Mahindra British Telecom (MBT) assessed at Level 5 of SEI CMM by KPMG.
2000: MBT incorporates MBT Software Technologies, Singapore.
2005: Certified BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord.
2005: Acquired Axes Technologies (India), including its US and Singapore subsidiaries.
2005: Largest global development center outside India (in Melbourne) begins operation.
2005: Citisoft and Knowledge Dynamics acquired.
2006: Name changed to Tech Mahindra.
2006: Raised Rs 4.65 billion ($100 million) from a hugely successful IPO to build a new facility in Pune, to house about 9,000 staff.
2006: Formed a JV with Motorola Inc. under the name CanvasM.
2006: Set up the first 'Global Innovation Hub' in Singapore.
2006: Set up operations in Guangzhou, China.
2007: Acquired iPolicy Networks.
2007: Announced the Official IT Services Provider for the FIFA World Cup 2010TM.
2007: Opens Global Development Center (GDC) in Malaysia.
2007: First Asian company to feature in the 'Training' Magazine's list of Top 125 companies for learning.
2009: Tech Mahindra acquires a controlling stake in Satyam.
2010: Satyam gets rebranded as 'Mahindra Satyam'.
2010: Expands footprint in Latin America.
2011: Inaugurated Saab India Technology Center.
2012: Merger of Tech Mahindra and Mahindra Satyam announced.
2012: Acquisition of Hutchison Global Services.
2012: Acquisition of Comviva Technologies.
2013: Tech Mahindra-Mahindra Satyam merger finally consummated.
2013: Mahindra Satyam acquires majority stake in Complex IT.
2013: Mahindra Satyam and Tech Mahindra launches the ‘Young CEO’ Program.
2013: Establishes First European Testing Lab in Sweden.
2013: Mahindra Satyam launches Contextual Services Platform for E-Commerce and Banking.
2013: Launches BSS Platform for New Telcos Entering the Market.
2013: Tech Mahindra Announces Strategic Partnership with NIS -Tech Mahindra.
2013: Mahindra Satyam merger consummated Announces new brand identity.
2013: Tech Mahindra Signs an Outsourcing Contract for Application Maintenance and Development with Volvo Car Corporation.
2013: Tech Mahindra and Bosch Software Innovations announce Global System Integrator Partnership.
2013: Launches Hewlett Packard Center of Excellence.
2014: Launches NFC Testing Lab.
2014: Tech Mahindra and Microsoft Partner to Co-Develop the Spring Release of Microsoft Dynamics CRM.
2014: Launches Alstom Transport Global Development Center.
2014: Launches Reference Data Management Solution in North America.
2014: Opens a Delivery Center in Belgium.
2014: Launches Airbus Group’s ‘HUB’ at Electronic city facility, Bengaluru.
2014: Launches Telematics Platform for the Insurance Industry.
2015: Forms a joint venture with Avion Systems.
2015: Acquires SOFGEN to expand core banking expertise.
2015: Entered into a strategic agreement with China-based company Gao Feng Advisory Company.
2015: Signed a contract with Bombardier to develop an aircraft ground support system (AGSS).
2016: Acquisition of a UK Company.
2016: Acquires leading Digital Change Agents: The BIO Agency.
2016: Enters Channel NewsAsia Sustainability Index.
2016: Launches Virtual Network Function Exchange.
2016: Tech Mahindra-Mahindra Comviva launches new Revenue Experience platform for mobile operators.
2016: Launches FEEDS, a Connected Intelligent Solution Transforming Fresh Food Supply Chain.
2017: Tech Mahindra, Gao Feng Advisory Company join hands to set up Artificial Intelligence Lab in Shanghai.
2017: Tech Mahindra, Saudi Telecom Company Alliance to Innovate for Vision 203.
2018: Tech Mahindra partners with edX.org, the leading online learning platform founded by Harvard and MIT.
2019: Tech Mahindra partners with Mahindra TEQO.
2019: Tech Mahindra partners with Business Finland for R&D in 5G, 6G.
2019: Tech Mahindra acquires BORN Group.
2019: Tech Mahindra secures Rs 500 crore smart city project from PCMC.
2019: Tech Mahindra, Celonis ink global strategic alliance to drive enterprise performance.
2020: Inaugurates new delivery center in Telangana.
2020: Launches Google Cloud COE in Hyderabad.
2020: Tech Mahindra, Telangana government unveil T-Block Accelerator.
2020: Tech Mahindra, IBM to help clients modernize operations leveraging cloud.
2020: Tech Mahindra launches mPAC 3.0.
2020: launches ‘Blockchain based Contracts and Rights Management System’.
2020: Signs global partnership with Hinduja Group's CyQureX.
2020: Launches ‘Microsoft Business Unit’ to accelerate digital transformation globally.
2020: Expands strategic alliance with BMC Software.
2020: Tech Mahindra, HAL sign Rs 400 crore contract for ‘Project Parivartan’.