 "Tech Mahindra Q4 results: Net profit drops 40% to Rs 661 cr; income down 5%")
Tech Mahindra on Thursday reported a 40.86 per cent year-on-year fall in consolidated net profit at Rs 661 crore for the quarter that ended on 31 March in financial year 2023-24 (Q4FY24). The company had reported a net profit of Rs 1117.7 crore during the same period last year (Q4FY23).
Sequentially, the net profit went up 29.5 per cent from Rs 510.40 crore in the last quarter.
The company's revenue from operations decreased by 6.17 per cent to Rs 12,871 crore in Q4, compared to Rs 13,718 reported in the year before. On quarter-on-quarter (q-o-q) basis, the revenue for operations stood at Rs 13,101 crore.
The company reported a total income of Rs 13,245 crore for Q4. This was a 5.55 per cent decrease from Rs 14,024 crore reported during the year-ago period. On a q-o-q basis, the total income was up 0.42 per cent. It was Rs 13,189 crore in Q3FY24.
For the entire financial year, the company reported a drop in net profit by 51.19 per cent at Rs 2,357.8 crore, compared to Rs 4,831.3 crore reported at the end of FY23.
The company's revenue from operations for FY24 fell 2.42 per cent at Rs 51,996 crore, compared to Rs 53,290 crore in the previous financial year.
Total income for the company dropped 2.47 per cent at Rs 52,912 crore in FY24, compared to Rs 54,255 crore reported in FY23.
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The company announced an interim dividend of Rs 28 per share.
On Thursday, the shares of Tech Mahindra closed trading at Rs 1,190.10 ahead of the company's Q4FY24 financial results.