Tech Mahindra CEO Mohit Joshi says FY25 will be turnaround year
PTI
Synopsis
As per Tech Mahindra chairman Anand Mahindra, as organisations strive to stay ahead in the digital race, IT services will play a key role in enhancing technology by integrating AI seamlessly into the core business functions. “The race does not necessarily belong to the large or the most specialised. The winners will be companies that are agile, well-prepared and can scale at speed,” he said.
By ETtech
In the ongoing digital race, IT services will play a pivotal role in enhancing technology by integrating AI seamlessly into the core business functions, according to Tech Mahindra (TechM) chairman Anand Mahindra.
According to him, as organisations strive to stay ahead in the digital race, IT services will play a pivotal role in enhancing technology by integrating AI seamlessly into the core business functions. “The race does not necessarily belong to the large or the most specialised. The winners will be companies that are agile, well-prepared and can scale at speed,” Mahindra said.
Amid a challenging macro environment, TechM's revenue from operations in FY24 fell 2.42% to Rs 51,996 crore ($6.3 billion) compared to Rs 53,290 crore ($6.4 billion) in FY23. In June last year, the firm also appointed Mohit Joshi as the new CEO and MD, taking over from former chief CP Gurnani who retired on December 19, 2023.
In his inaugural message to stakeholders, Joshi said, “FY25, will be the turnaround year for us, marked by new investments in our key accounts and service lines. We will drive the integration of our portfolio companies, focus on our largest clients, and prioritise cost optimisation.”
Reiterating the three-year strategic roadmap, he said FY26 will see the continuation of this journey, aiming to complete the integration of our portfolio companies. “And by FY27, we expect to reach an optimised state with an improved structural mix and a pyramid.”
As a group, the annual report mentioned, TechM has developed and is actively working on a Point of View (POV) for Generative AI (GenAI), structured into sustainable engineering, intellectual property (IP), alternative architectures and OEM (original equipment manufacturers) strategy.
“Scale at speed is what enterprises need today. And with our experience, expertise, entrepreneurial DNA, and a focus on learning, we are ideally suited to fill this imperative,” Joshi added.
The Pune-headquartered IT firm also launched its large language model (LLM) initiative Project Indus which features 539 million parameters and 10 billion tokens, catering to Hindi and its 37 dialects with minimum team and investment, making it the most cost-effective LLM to date, it said.
In the annual report, Anand Mahindra also gave tributes to retired Gurnani for his “memorable innings with Tech Mahindra” that ended after a stint of 19 years with the IT services major of which 11 years were spent as the MD and CEO.
He said under him, Tech Mahindra’s business vision expanded from the telecom business (Mahindra British Telecom morphed in TechM after British Telecom sold its stake) to a multi-vertical digitally led IT company whose revenue rose 22 times from $280 million in 2006 to $ 6.3 billion in 2024.
“I shall miss CP, both as a colleague and as a friend. As he himself says, he is not really retiring, just changing gears,” Mahindra further said adding that Tech Mahindra, under its new leadership, is well-positioned to leap into the new orbit.
Mahindra pointed to TechM’s speed at scale promise, its deep relationship with clients and its edge of being the child of a multi-business corporation Mahindra Group with which it is partnering in transformation of its businesses across the entire network of companies and locations.
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“Technology is the golden thread that is central to businesses and industries throughout the world…The future undoubtedly belongs to IT services that can increase the value of that golden thread from 18 carat to 24 carat with the power of AI,” Mahindra said in TechM’s annual report for 2023-24.Elevate Your Tech Prowess with High-Value Skill Courses
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Amid a challenging macro environment, TechM's revenue from operations in FY24 fell 2.42% to Rs 51,996 crore ($6.3 billion) compared to Rs 53,290 crore ($6.4 billion) in FY23. In June last year, the firm also appointed Mohit Joshi as the new CEO and MD, taking over from former chief CP Gurnani who retired on December 19, 2023.
In his inaugural message to stakeholders, Joshi said, “FY25, will be the turnaround year for us, marked by new investments in our key accounts and service lines. We will drive the integration of our portfolio companies, focus on our largest clients, and prioritise cost optimisation.”
Reiterating the three-year strategic roadmap, he said FY26 will see the continuation of this journey, aiming to complete the integration of our portfolio companies. “And by FY27, we expect to reach an optimised state with an improved structural mix and a pyramid.”
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As a group, the annual report mentioned, TechM has developed and is actively working on a Point of View (POV) for Generative AI (GenAI), structured into sustainable engineering, intellectual property (IP), alternative architectures and OEM (original equipment manufacturers) strategy.
“Scale at speed is what enterprises need today. And with our experience, expertise, entrepreneurial DNA, and a focus on learning, we are ideally suited to fill this imperative,” Joshi added.
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The Pune-headquartered IT firm also launched its large language model (LLM) initiative Project Indus which features 539 million parameters and 10 billion tokens, catering to Hindi and its 37 dialects with minimum team and investment, making it the most cost-effective LLM to date, it said.
In the annual report, Anand Mahindra also gave tributes to retired Gurnani for his “memorable innings with Tech Mahindra” that ended after a stint of 19 years with the IT services major of which 11 years were spent as the MD and CEO.
ADVERTISEMENT
He said under him, Tech Mahindra’s business vision expanded from the telecom business (Mahindra British Telecom morphed in TechM after British Telecom sold its stake) to a multi-vertical digitally led IT company whose revenue rose 22 times from $280 million in 2006 to $ 6.3 billion in 2024.
“I shall miss CP, both as a colleague and as a friend. As he himself says, he is not really retiring, just changing gears,” Mahindra further said adding that Tech Mahindra, under its new leadership, is well-positioned to leap into the new orbit.
Mahindra pointed to TechM’s speed at scale promise, its deep relationship with clients and its edge of being the child of a multi-business corporation Mahindra Group with which it is partnering in transformation of its businesses across the entire network of companies and locations.
