Tech Mahindra Q1 Profit down 39% YoY

IT giant Tech Mahindra today announced a consolidated net profit of Rs 693 crore for the quarter ended June 2023, down about 39% from a year ago. The company had posted a net profit of Rs 1,131 crore in the last year period. EBITDA for the first quarter fell 29% YoY to Rs 1,338 crore.

Revenue from operations rose by 4% year-on-year (YoY) to Rs 13,159 crore in the reporting period. This was also lower than ET Now poll estimate of Rs 13,470 crore.

In dollar terms, revenue stood at $1601 million, down 2% YoY and 4% QoQ. The revenue dropped by 4.2% sequentially in CC terms.

Segment-wise, revenue from the communications, media and entertainment (CME) dropped 8% YoY, while that from BFSI fell 5.4% from previous-year period.

The total headcount stood at 148,297, at the end of the June quarter, down 4,103 QoQ. The company has cash and cash equivalent at Rs 7,701 crore as of June 2023.

Subsequent to the results, the shares closed 1.08% lower at Rs 1,144 on NSE.

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