Tech Mahindra Q1FY24 results: Net profit falls 38.8% YoY to Rs 692.5 crore

IT major Tech Mahindra on Wednesday reported a 38.8 per cent fall in its consolidated net profit to Rs 692.5 crore in the quarter ended June as compared to Rs 1,131.6 crore in the same quarter last year. As compared to Rs 1,117.7 crore in the previous quarter, which ended on March 31, the net profit was down 38 per cent.

The company's revenue from operations at Rs 13,159 crore was down 4.1 per cent quarter-on-quarter (QoQ). But it was up 3.5 per cent year-on-year (YoY).

At the end of the quarter, the company's headcount stood at 148,297. It was down 4,103 as compared to the March quarter.

CP Gurnani, managing director & chief executive officer, Tech Mahindra, said, "Our results this quarter reflect the uncertainty in the global economy and the IT sector. We are confident that we have the right strategy and the right team to overcome this temporary setback and deliver long-term value for our customers and shareholders."

"This quarter was a challenging one for us as revenue growth faced strong headwinds and that had an impact on profitability. We have taken swift and decisive actions to address these issues and improve our execution," added Rohit Anand, chief financial officer, Tech Mahindra, added.

The company's share price closed 0.84 per cent in the red at Rs 1,144.05 apiece on BSE on Wednesday.