Tech Mahindra reported a 61 per cent decline in its third quarter profit for the financial year 2023-2024 on Wednesday.
The company said its profit stood at Rs 510.40 crore against Rs 1,297 crore during the corresponding period in 2022.
The tech giant’s revenue stood at Rs 13,101 crore, up by 1.8 per cent on QoQ and down by 4.6 per cent YoY.
Commenting on the results Mohit Joshi, Managing Director and Chief Executive Officer of Tech Mahindra, said, “The quarter was a mixed outcome, with growth in the manufacturing and healthcare segments but muted spending in areas like communications, BFSI and hi-tech.”
Joshi emphasised while this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation.
The company further underlined its EBITDA at Rs 1,146 crore, up by 6.9 per cent QoQ and down by 46.5 per cent YoY.
The company reported its consolidated PAT at Rs 510 crore which was up by 3.4 per cent QoQ and down by 60.6 per cent YoY.
Tech Mahindra’s earnings per share (EPS) was disclosed at Rs 5.8.
Additionally, the company reported its total headcount at 146,250 which declined by 4,354 QoQ. Subsequently, the firm’s cash and cash equivalent stood at Rs 7,012 crore as of 31 December 2023.
The post Tech Mahindra Profit Tumbles 61% In Q3, Revenue Stagnant appeared first on BW Retail World.
