Category: 3. Business

  • Total flags higher sales, rising refining margins in third-quarter trading update – Reuters

    1. Total flags higher sales, rising refining margins in third-quarter trading update  Reuters
    2. TotalEnergies Expects Boost From Rising Production But Warns of Maintenance Hit to LNG Results  The Wall Street Journal
    3. TotalEnergies: Third Quarter 2025: Main Indicators  Business Wire
    4. Total flags lower LNG sales, rising refining margins in third-quarter trading update  TradingView
    5. TotalEnergies Reports Strong Q3 2025 Growth Amidst Lower Oil Prices  TipRanks

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  • Vets should be made to publish prices, competition watchdog says

    Vets should be made to publish prices, competition watchdog says

    Michael Sheils McNameeBusiness reporter and

    Jim ConnollyBBC News Investigations

    Getty Images A stock image shows a female vet, wearing blue scrubs, whose face is not in shot, tying a bow around the neck of a cat which is sitting on a raised surface and wearing a neck cone Getty Images

    Vets should be forced to publish price lists so pet owners can see costs up front and shop around for the best deal, the competition watchdog has said.

    Owners are often unaware of prices or not given estimates for treatments that can run into thousands of pounds, its investigation into soaring vet costs found.

    Vet prices have risen at nearly twice the rate of inflation, the Competition and Markets Authority (CMA) also found.

    Its proposals included making vets reveal if they are part of a large group, capping prescription fees and banning bonuses on offering specific treatments.

    ‘£12,000 in vet bills’

    Steve Fildes / BBC A woman with blonde hair wearining a patterned cardigan and jeans is crouched down on the grass next to a black dog. The dog has its tongue sticking out and has a white patch of fur on its neck.Steve Fildes / BBC

    Nicole put her wedding plans on hold after paying £12,000 for Ernie’s vet bills

    Nicole Hawley, 26, got in touch via Your Voice, Your BBC News after receiving an unexpected £12,000 bill to treat her dog Ernie, after he inhaled a grass seed while out on a walk and it became infected.

    “We were given two choices by the emergency vet, either put him down or pay an extortionate bill for surgery,” she told the BBC.

    Ms Hawley was in the process of finding a different pet insurance provider for Ernie when he fell ill, meaning she didn’t have financial support.

    She and her partner ended up taking out a loan to pay for the procedure, and used money they had been saving for their wedding.

    “We didn’t have the money. But it took us five minutes to decide that we would find it from somewhere,” Ms Hawley said.

    Kept in the dark

    Speaking to BBC Radio 4’s Today programme, the CMA’s Martin Coleman said veterinary prices had increased by 63% over a seven year period, which was nearly twice the rate of inflation.

    “Many people were paying twice what they needed to for vet medicines,” Mr Coleman said.

    “It’s not right to keep pet owners in the dark about key matters that affect them and their pets and their pockets.

    “We’re often not being told up-front basic information such as who owns the practice, the price of commonly used services, and we’re not often given estimates of the likely price of treatment costing hundreds, even thousands of pounds.”

    The CMA also found practices owned by large vet groups charge 16.6% more on average than independent vets.

    Mr Coleman said the regulatory system was set up in 1966, “when the world of veterinary services was very different to the world that we have today.”

    “There is regulation of individual vets, but there is no regulation of the businesses that own the majority of the practices in the country,” Mr Coleman said.

    Wednesday’s findings into the £6.3bn sector are provisional, with interested parties now having until next month to make submissions before a final decision is published next year.

    After the decision, changes will be implemented through a legally binding CMA order, which is expected to come before the end of 2026. Smaller vet businesses given additional time to implement it.

    The CMA’s recommendations include:

    • Making it easier for pet owners to access cheaper medicines online, including by requiring vets to tell pet owners about savings they make by buying medicines online
    • Where a medicine is likely to be needed frequently, automatically providing a written prescription to enable the pet owner to purchase the medicine elsewhere
    • Capping the price of providing prescriptions at £16
    • Requiring vets to give pet owners clear price information when they are choosing a treatment, with prices in writing for treatments over £500 and itemised bills
    • Making the Royal College of Veterinary Surgeons to improve its ‘Find a Vet’ website to include pricing data
    • Making vets give clear price information to pet owners arranging a cremation and pet care plans

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  • Royal Mail fined £21m by Ofcom for missing delivery targets | Royal Mail

    Royal Mail fined £21m by Ofcom for missing delivery targets | Royal Mail

    Royal Mail has been fined £21m for missing its annual first- and second-class mail delivery targets, leading to millions of letters arriving late across the UK, the regulator Ofcom has said.

    This represents the third-largest fine ever imposed by the UK communications watchdog.

    Royal Mail delivered 77% of first class-mail and 92.5% of second-class mail on time during the 2024-25 financial year, Ofcom found. This was short of its respective 93% and 98.5% targets.

    Ian Strawhorne, the director of enforcement at Ofcom, said: “Millions of important letters are arriving late, and people aren’t getting what they pay for when they buy a stamp.

    “These persistent failures are unacceptable, and customers expect and deserve better. Royal Mail must rebuild consumers’ confidence as a matter of urgency. And that means making actual significant improvements, not more empty promises.”

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    In April this year the price of a first-class stamp rose again, up 5p to £1.70, while the cost of the second-class service rose by 2p to 87p.

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  • FUJIFILM Biotechnologies’ Manufacturing Site in Denmark Now Covered By 100 Percent Solar-Powered Electricity

    FUJIFILM Biotechnologies’ Manufacturing Site in Denmark Now Covered By 100 Percent Solar-Powered Electricity

    HILLERØD, Denmark, October 15, 2025 – FUJIFILM Biotechnologies, a world-leading contract development and manufacturing organization for biologics, vaccines, and advanced therapies, today announced that 100 percent of its existing electricity needs at the Hillerød, Denmark, commercial-scale biologics manufacturing site are now covered by solar-power through Power Purchase Agreements (PPA).

    The solar-powered electricity consumption is facilitated through a previously announced 10-year PPA to offtake 40 GWh of renewable energy annually from a nearby solar park. The solar park announced new ownership by the energy group Andel in 2025.

    The solar park is expected to have an annual production capacity of 110 GWh equivalent to the annual electricity consumption of 28,000 Danish households. In addition to offsetting the energy consumption of the Hillerød site, the solar park will increase the amount of renewable energy in the Danish power grid.

    The Hillerød site currently has 12 x 20,000 liters (L) mammalian cell culture bioreactors to support biopharma manufacturing. As part of a previously announced investment to create the largest end-to-end CDMO in Europe, the site will add 8 x 20,000 L bioreactors and two downstream processing streams — increasing to a total footprint of approximately 51,500 m². As part of the target to substitute fossil fuels with renewable energy in production, this further expansion will be fully electrified, as FUJIFILM Biotechnologies is installing electric steam boilers instead of natural gas fired boilers.

    “I’m proud of the significant milestone in utilizing solar-powered electricity. This achievement reflects our strong commitment to sustainability and our Partners for the Planet plan,” said Christian Houborg, senior vice president, and Hillerød site head, FUJIFILM Biotechnologies. “As a leader in biopharma manufacturing, we aim to set high standards in sustainable operations within biopharma manufacturing.”

    The PPA and other renewable energy initiatives at the Denmark site are part of FUJIFILM Biotechnologies’ Partners for the Planet plan to convert operations to renewable electricity and achieve a 50 percent reduction in (Scope 1 & 2) GHG emissions by Fiscal Year 2030 (compared to baseline in Fiscal Year 2019), and to focus on GHG emissions reduction throughout the supply chain.

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  • Justine Phillips Featured in The Recorder Article on California’s Escalating Privacy Enforcement | Newsroom

    Justine Phillips Featured in The Recorder Article on California’s Escalating Privacy Enforcement | Newsroom


    Justine Phillips, California partner in Baker McKenzie’s Data & Cybersecurity practice, was featured in The Recorder discussing the California Privacy Protection Agency’s (CPPA) record USD 1.35 million fine against Tractor Supply Company for violations of the California Consumer Privacy Act (CCPA).

    In the article, Justine emphasizes the unique focus California places on employee and applicant data, noting that the CPPA enforcement signals a shift toward more customized and transparent privacy disclosures for employees and applicants. She also highlighted the need for harmonized governance across people, process, and technology to mitigate data-driven risk. As enforcement ramps up, Justine’s insights underscore the urgency for businesses operating in California to reassess their privacy compliance strategies.

    Read the full article in The Recorder: California Privacy Watchdog’s Record Fine Against Tractor Supply Company Signals ‘Escalating’ Enforcement Trend | Law.com

     

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  • A Trump post drowns out positive developments for markets

    A Trump post drowns out positive developments for markets

    U.S. President Donald Trump gestures during a meeting with President of Argentina Javier Milei in the Cabinet Room at the White House on Oct. 14, 2025 in Washington, DC.

    Kevin Dietsch | Getty Images

    U.S. stocks had a rocky day of trading, swinging from highs to lows like the quality of Game of Thrones across its eight seasons.

    At its lowest during the session, the S&P 500 fell as much as 1.5%, but recovered and traded positively for most of the day after U.S. Trade Representative Jamieson Greer hinted that China's next trade move could influence how President Donald Trump's tariffs are implemented.

    The optimism in markets fizzled, however, when Trump said he was considering "terminating business with China having to do with Cooking Oil" and other forms of punitive measures, citing Beijing's halt of U.S. soybean purchases since May. Investors seemed to take that threat seriously, sending the S&P 500 down 0.2% for the day.

    Developments elsewhere, however, were more encouraging. Federal Reserve Chair Jerome Powell suggested that the central bank might stop tightening monetary policy concerning its bond holdings. Meanwhile, major banks — bellwethers for economic activity — such as JPMorgan Chase, Citi and Goldman Sachs, beat earnings expectations, suggesting that the economy's fundamentals remain intact.

    And while Oracle's pivot to AMD's artificial intelligence chips — a move away from Nvidia graphics processing units — may not thrill Jensen Huang, it reduces concentration risk and strengthens the case for investors banking on AI to continue the market rally.

    Still, Trump's rhetoric overshadowed everything else. The question, then, is whether his trade brinkmanship will derail the AI-fueled market — or if the Magnificent Seven kingdom will stand.

    What you need to know today

    Trump threatens China with cooking oil embargo. That's in response to Beijing halting its purchases of U.S. soybeans since May. Whether 100% tariffs on China come into effect depends on how the country reacts, U.S. Trade Representative Jamieson Greer said Tuesday.

    Prices in China fall more than expected in September. The consumer price index declined 0.3% from a year earlier, steeper than the 0.2% drop forecast by economists. However, core CPI rose 1% year on year, the highest since February 2024, according to Wind Information.

    ChatGPT will soon allow 'erotica' for adults. OpenAI CEO Sam Altman announced the major policy shift Tuesday, saying that it's part of the company's "treat adult users like adults" principle. The company previously prohibited most adult content on its chatbot.

    U.S. stocks were mixed. On Tuesday, the S&P 500 and Nasdaq Composite fell but recovered from session lows. The Dow Jones Industrial Average, however, closed in the green. Asia-Pacific markets traded higher Wednesday. South Korea's Kospi index jumped more than 2.5%.

    [PRO] An attractive European fixed income play. This niche area has "real value," according to BlackRock's James Turner, co-head of global fixed income in EMEA. In addition, it offers protection against the risk of interest rate fluctuations.

    And finally...

    NEW YORK, NY - FEBRUARY 09: Chinese Consul General in New York Huang Ping (C) and his wife Zhang Aiping participate in a closing bell ceremony to celebrate the Chinese New Year, the Year of the Dragon, on February 8, 2024 in New York City.

    China News Service | Getty Images

    Chinese firms pull back from listing in the U.S. as Hong Kong IPOs see a surge

    Chinese initial public offerings in the U.S. have slumped 4% year on year in terms of deal value so far this year, raising just $875.7 million from 23 deals. Meanwhile, Chinese IPOs in Hong Kong this year have surged 164% year on year, raising $18.4 billion from 56 listings, Dealogic data showed.

    One major snarl for Chinese companies interested in U.S. listings is Beijing's tight control of the IPO process. A growing number of U.S.-listed Chinese companies are also looking at Hong Kong amid rising delisting risks in the U.S., a trend that's giving an extra boost to the city's sizzling market.

    Anniek Bao


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  • Vets could be made to publish prices after UK watchdog investigation | Competition and Markets Authority

    Vets could be made to publish prices after UK watchdog investigation | Competition and Markets Authority

    Vets in the UK could be forced to publish their prices and whether they are part of a larger group after an investigation by the markets watchdog into claims chain-owned surgeries have left pet owners with dwindling choice and higher bills.

    The Competition and Markets Authority (CMA) found pet owners pay 16.6% more on average at large vet groups than at independent vets and called for a market that is “not fit” for purpose to be modernised.

    Publishing its findings on Wednesday of an investigation into how veterinary services operate in Britain, the regulator found that owners were often unaware of the prices of commonly used services and whether their local practices are part of large national chains.

    It said customers have no effective way of comparing vet prices when they get a pet or move areas and may be paying twice as much for commonly prescribed medicines from vet practices than they could pay online, often hundreds of pounds more.

    The CMA proposed 21 measures, including making vet businesses publish comprehensive price lists, be clear if they are part of a large group, and make sure that their policies and processes allow vets to act in the best interests of pets and pet owners.

    It also advised better information treatments, a price cap on written prescriptions and a new comprehensive price comparison website.

    The findings are provisional, with interested parties now having until next month to make submissions before a final decision is published next year.

    The current regulatory system dates back to 1966. It only regulates individual veterinary professionals and not vet businesses, even though most practices are part of a large corporate group.

    The CMA found that acquisitions among larger companies led to an increase of 9% in average prices four years later.

    It said many of the concerns raised with it relate to the six large veterinary groups, which own the majority of practices, and have owners who are not vets.

    Two of them are listed companies (CVS and Pets at Home), three (IVC, VetPartners and Medivet) are owned by private equity investors, and Linnaeus is owned by Mars Petcare.

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    It said its proposals, if implemented would enable pet owners to choose the right vet, the right treatment, and the right way to purchase medicine – without confusion or unnecessary cost.

    Martin Coleman, the chair of the inquiry group, said: “Pet owners are often left in the dark, not knowing whether their practice is independent or part of a chain or what a fair price looks like.

    “They are sometimes committing to expensive treatment without understanding the price in advance. And they do not always feel confident asking for a prescription or buying medicine online – even when it could save them hundreds of pounds.”

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  • Exclusive: Japan’s Rakuten weighing US IPO of credit card business, sources say

    Exclusive: Japan’s Rakuten weighing US IPO of credit card business, sources say

    • IPO considerations in early stages -source
    • Other options include a stake sale -source
    • SoftBank is preparing to list PayPay in US
    • Mizuho bought a 15% stake in Rakuten card business for $1.1 billion
    TOKYO, Oct 15 (Reuters) – Japanese e-commerce and finance heavyweight Rakuten (4755.T), opens new tab is weighing an initial public offering in the United States of its credit card business, according to two sources familiar with the matter.

    Rakuten began considering a potential U.S. listing of one of Japan’s largest credit card businesses last month, the sources said. The considerations are in the early stages, with other potential options including a stake sale to a strategic buyer, one of the sources said.

    Sign up here.

    One trigger for considering a U.S. IPO of Rakuten Card was rival SoftBank’s (9984.T), opens new tab plans to list app pay operator PayPay in the U.S., the source said. The sources declined to be named as the information is not public.

    The company’s considerations of a U.S. IPO had not been reported previously.

    Rakuten did not respond to requests for comment.

    Mizuho Financial Group (8411.T), opens new tab acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion) last year, valuing the business at more than 1 trillion yen, or $7 billion, with the two launching joint credit cards.

    For PayPay, institutional investors see a baseline valuation of 2 trillion yen, but expect the valuation could exceed 3 trillion yen in the IPO that could take place as early as December, Reuters reported this week.

    CARDS CENTRAL TO RAKUTEN’S BUSINESS

    Rakuten, which is led by founder and CEO Hiroshi Mikitani, shook up Japan’s finance sector by simplifying the process for applying for credit cards and making them available to a wider range of consumers.

    Credit cards are an important part of a web of Rakuten businesses spanning online shopping, banking, travel and other services, with customers accruing loyalty reward points by making payments.

    Rakuten listed Rakuten Bank (5838.T), opens new tab in Tokyo two years ago as the group reeled from heavy losses due to launching a mobile network.

    Rakuten also announced plans to list Rakuten Securities, but Mizuho injected funding by taking stakes in the brokerage and card businesses.

    Rakuten Card has issued more than 30 million credit cards in Japan. Non-GAAP operating profit at the business grew 20% to 62 billion yen last year but fell 4.5% in the April-June quarter of this year compared to the same period a year earlier due to higher costs.

    Rakuten Card aims to expand profit to 100 billion yen over the medium term and is looking to expand its business with corporate customers, its CEO Koichi Nakamura said in March.

    The IPO considerations come as companies around the world are looking to list in the U.S. as they seek higher valuations.

    The U.S. IPO market has had its busiest quarter since the fourth quarter of 2021, with companies raising $24 billion through first-time share sales in the third quarter, according to Dealogic.

    ($1 = 152.0900 yen)

    Reporting by Miho Uranaka and Sam Nussey; Editing by Jamie Freed

    Our Standards: The Thomson Reuters Trust Principles., opens new tab

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  • Focus: Inside Novo Nordisk's 'Club 5,000' as Danish staff cuts gain pace – Reuters

    1. Focus: Inside Novo Nordisk’s ‘Club 5,000’ as Danish staff cuts gain pace  Reuters
    2. Novo Retreats From Cell Therapy, Axes Hundreds as Restructuring Rolls On  BioSpace
    3. Novo Nordisk Cuts 9,000 Jobs In Major Shake-Up  Finimize
    4. Novo Nordisk halts work on cell therapy for diabetes to cut costs, Bloomberg News reports  Global Banking | Finance | Review
    5. Novo Nordisk axes cell therapy research in sweeping overhaul  The Pharma Letter

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  • Tech Mahindra reports EBIT of ₹ 1,699 Crores, up 32.7% YoY; New deal-wins at USD 816 Mn – YoY growth of 35%; Interim dividend declared at ₹ 15 per share

    Tech Mahindra reports EBIT of ₹ 1,699 Crores, up 32.7% YoY; New deal-wins at USD 816 Mn – YoY growth of 35%; Interim dividend declared at ₹ 15 per share

    London – October 14th, 2025:
    Tech Mahindra
    (NSE: TECHM), a leading global provider of technology consulting and digital
    solutions to enterprises across industries announced the audited consolidated
    financial results for the quarter ended September 30, 2025.

    Financial highlights for the quarter (USD)

    • Revenue USD 1,586 mn;

      • up 1.4% QoQ, down 0.2% YoY in reported terms
      • up 1.6% QoQ, down by 0.3% YoY in constant currency terms
    • EBIT USD 192 mn; up 11.5% QoQ, up 25.6% YoY
    • EBIT Margin 12.1%, up 108 bps QoQ, up 254 bps YoY
    • Profit After Tax (PAT) USD 135 mn; up 1.5% QoQ; Operational PAT* up 28.2%
      YoY
    • Profit After Tax (PAT) Margin 8.5%, flat QoQ, Operational PAT* margin up
      188 bps YoY
    • Free cash flow USD 237 mn
    • New deal wins TCV USD 816 mn

    Financial highlights for the quarter (₹)

    • Revenue ₹ 13,995 crores; up 4.8% QoQ, up 5.1% YoY
    • EBIT ₹ 1,699 crores; up 15.0% QoQ, up 32.7% YoY
    • Consolidated PAT ₹ 1,195 crores; up 4.7% QoQ; Operational PAT* up 35.5%
      YoY
    • Diluted Earnings per share (EPS) at ₹ 13.46

    Other Highlights

    • Total headcount at 152,714; down 1,559 YoY
    • LTM IT attrition at 12.8%
    • Days of Sales Outstanding 94 days; flat YoY
    • Cash and Cash Equivalent at the end of the quarter ₹ 7,287 crores
    • Interim dividend declared ₹ 15 per share

    Mohit Joshi, CEO and Managing Director, Tech Mahindra, said,


    “We delivered broad-based growth this quarter, reflecting the strength of
    our strategy and execution. We launched TechM Orion, our next-generation AI
    platform, and TechM Orion Marketplace to help enterprise accelerate
    autonomous transformation. Being recognized by industry analysts reinforces
    our leadership in advancing next-generation AI.”

    Rohit Anand, Chief Financial Officer, Tech Mahindra, said,


    “We delivered broad-based growth this quarter, reflecting the strength of
    our strategy and execution. We launched TechM Orion, our next-generation AI
    platform, and TechM Orion Marketplace to help enterprise accelerate
    autonomous transformation. Being recognized by industry analysts reinforces
    our leadership in advancing next-generation AI.”

    Key Deal Wins

    • Selected by a leading European telecom operator as a strategic partner to
      accelerate its enterprise- wide Autonomous Operations journey. Through
      this engagement, Tech Mahindra will consolidate and transform the
      customer’s ecosystem, delivering an AI and automation-led landscape that
      accelerates the realisation of their vision for Autonomous Operations.
    • Selected by a global logistics leader as a strategic partner with
      multi-year framework agreement to drive AI led efficiency and transition
      to Productized IT organization -transitioning from manual, high- touch
      operations to an AI-driven, automated, and self-service enabled global
      desk.
    • Selected by a leading semiconductor equipment manufacturer to spearhead
      the enterprise application transformation across SAP, Data & Analytics, AI
      and ADMS – advancing automation, resilience, scalability across core
      business platforms.
    • Selected by a leading life and health insurer in Asia-Pacific region for a
      multi-year Application Management Services (AMS) engagement, modernizing
      core and digital platforms through AI-led automation and cloud first
      transformation to enhance operational efficiency and scalability.
    • Selected by a leading European fintech and HR solutions provider with
      operations across multiple countries to establish a new offshore delivery
      center in India. The engagement focuses on driving the development of
      next-generation applications with the setup of a GCC under Built-Operate-
      Transfer (BOT) model – strengthening the client’s global delivery
      capabilities and future ready operations.
    • Partnered with a leading US based telecom operator to advance its network
      testing and certification automation and optimization initiatives under
      its long-term transformation vision. The engagement focuses on
      accelerating network testing and certification through a homegrown
      automation platform, leveraging our delivery excellence and agility to
      drive greater efficiency, scalability, and innovation across operations.

    Business Highlights

    • Recognized by the Government of India as a key player in the prestigious
      Indian AI Mission, aligning with country’s objectives to bolster
      leadership in AI, foster technological self-reliance, and ensure the
      ethical and responsible use of AI.
    • Launched TechM Orion, a Next-Gen agentic AI platform, enabling global
      enterprises to deploy and manage Agentic AI solutions faster, whether in
      assisted or fully autonomous environments, while maintaining control and
      transparency throughout the AI lifecycle.
    • TechM Orion Marketplace, an Agentic AI marketplace that offers a robust
      ecosystem of intelligent, autonomous and action-oriented AI agents,
      engineered to centralize AI governance, reduce the cognitive load on
      employees.
    • 300+ AI Agents at Scale: TechM’s Agentic AI portfolio powers hybrid
      workforces across industries.
    • 79K+ employees across the company trained in AI, several of these with
      advance training and certifications.
    • Tech Mahindra has partnered with NVIDIA to accelerate enterprise AI
      transformation. Combining NVIDIA’s accelerated computing stack with Tech
      Mahindra’s integration expertise, the collaboration enables autonomous
      operations, faster decision-making, measurable business impact, and
      scalable AI adoption across industries.
    • Tech Mahindra and AMD have entered a multi-year collaboration to
      accelerate AI adoption and hybrid cloud transformation across global
      enterprises. By integrating AMD’s high-performance compute infrastructure
      with Tech Mahindra’s Cloud BlazeTech, the partnership aims to optimize
      workloads and deliver scalable, secure, and efficient solutions across
      industries.
    • Tech Mahindra has joined J.P. Morgan Payments’ System Integrator Program
      to help global enterprises modernize payment infrastructure and enhance
      customer experiences. Leveraging its ERP and SAP expertise, Tech Mahindra
      will support real-time tracking, AI-powered dashboards, and global
      deployment of next-gen payment solutions.

    Awards and Recognitions

    • Received the 2025 Entrepreneur India Award for Entrepreneur of the Year in
      Service Business – SaaS & IT.
    • Won 5 Gold medals at the Brandon Hall HCM Excellence Awards 2025 – Talent
      Management, Human Resources, Learning & Development and Diversity, Equity,
      Inclusion & Belonging.
    • Awarded the ‘HYSEA Sustainable Development Award 2025’ reaffirming
      innovative and impactful initiatives in the category of Environment.
    • Recognized as one of the ‘Most Trusted Companies’ at VAR India Most
      Trusted Companies 2025.
    • Recognized as one of the ‘Best Tech Brands’ at ET NOW Best Tech Brands for
      2025.

    Analyst Ratings & Recognitions

    • Recognized as an Emerging Leader in the 2025 Gartner® Emerging Market
      Quadrant for Generative AI Consulting and Implementation Services
    • Leader – Enterprise Service Management -Consulting and Advisory Services-
      US by ISG
    • Leader – Application Development Services for AI Applications PEAK Matrix®
      Assessment 2025 by Everest Group
    • Leader- Application Transformation Services for AI-enablement PEAK Matrix®
      Assessment 2025 by Everest Group
    • Leader – AI-driven ADM Services 2025-Application Development Outsourcing-
      APAC by ISG
    • Leader – AI-driven ADM Services 2025-Application Managed Services- APAC
      and Global Sis Brazil by ISG
    • Leader – AI-driven ADM Services 2025-Application Quality Assurance- APAC
      and Brazil by ISG
    • Leader – AI-driven ADM Services 2025-Continuous Testing Specialists- US by
      ISG
    • Leader – Enterprise Service Management -Implementation and Integration
      Services – US by ISG
    • Leader – Enterprise Service Management -Managed Services for Converged IT
      and Business Ops- US by ISG
    • Leader – 5G Network Engineering Services PEAK Matrix® Assessment 2025 by
      Everest Group
    • Leader – 5G Engineering Services PEAK Matrix® Assessment 2025 by Everest
      Group
    • Recognized with the 2025 Asia-Pacific Technology Innovation Leadership
      Award in Business Process Management by Frost & Sullivan.
    • Horizon 3 – Market Leaders – Digital Marketing and Sales Services
      Capabilities, 2025 by HFS
    • Leader – VMware Ecosystem 2025-Build and Modernize IT Foundations- Global
      by ISG
    • Leader – AWS Ecosystem Partners 2025-AWS Professional Services- US and
      APAC by ISG
    • Leader – AWS Ecosystem Partners 2025-AWS Managed Services- U.K, US, and
      APAC by ISG
    • Leader – AWS Ecosystem Partners 2025-AWS Enterprise Data Modernization and
      AI Services- U.K and US by ISG
    • Leader – AWS Ecosystem Partners 2025-AWS SAP Workloads – U.K and US by ISG
    • Emerging Leader – Talent Readiness for Next-generation Cloud Services PEAK
      Matrix® Assessment 2025 by Gartner
    • Leader – Talent Readiness for Next-generation Cloud Services PEAK Matrix®
      Assessment 2025 by Everest Group
    • Leader – Contact Center – Customer Experience Services 2025 -Digital
      Operations Global and Australia by ISG
    • Leader -Contact Center -Customer Experience Services 2025 -Intelligent
      Operations- Australia by ISG
    • Leader – Future of Work Services 2025-Managed End-user Technology Services
      – Mid Market- US by ISG

    Consolidated Financial Statement for the quarter ended September 30, 2025
    drawn under Ind AS

    P&L in INR Mn Q2 FY26 Q1 FY26 Q2 FY25
    Revenue 139,949 133,512 133,132
    Cost of Services 99,159 95,236 95,957
    Gross Profit 40.790 38,276 37,175
    SG&A 19,110 18,924 19,673
    EBITDA 21,680 21,680 17,502
    Other income 400 2,183 5,215
    Interest Expense 772 778 890
    Depreciation & Amortization 4,687 4,581 4,698
    Share of profit / (loss) from associate (28) 5 6
    Profit before Tax 16,593 16,181 17,135
    Provision for taxes 4,576 4,893 4,560
    Minority Interest 72 (118) 74
    Profit after Tax 11,945 11,406 12,501
    EPS (₹ /share)
    Basic 13.48 12.87 14.12
    Diluted 13.46 12.86 14.10

    About Tech Mahindra

    Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions
    to global enterprises across industries, enabling transformative scale at
    unparalleled speed. With 152,000+ professionals across 90+ countries helping
    1100+ clients, Tech Mahindra provides a full spectrum of services including
    consulting, information technology, enterprise applications, business process
    services, engineering services, network services, customer experience &
    design, AI & analytics, and cloud & infrastructure services. It is the
    first Indian company in the world to have been awarded the Sustainable Markets
    Initiative’s Terra Carta Seal, which recognizes global companies that are
    actively leading the charge to create a climate and nature-positive future.
    Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the
    largest and most admired multinational federation of companies. For more
    information on how TechM can partner with you to meet your Scale at Speed™
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