Country’s fifth largest IT services exporter Tech Mahindra on Tuesday reported a 4% year-on-year decline in consolidated profit after tax (PAT) to ₹1,285.4 crore in the second quarter of FY23 (July-September), as higher expenses offset the rise in revenue. The firm had posted a profit of ₹1,338.7 crore in the year-ago period.
On a sequential basis, the IT services exporter’s PAT rose 13.6% from ₹1,131.6 crore in the April to June quarter.
The company board also announced a special dividend of ₹18 per share.
Revenue for the quarter came in at ₹13,129.50 crore, up 20.6% YoY over ₹10,881.30 crore in the corresponding quarter last year.
Sequentially, the revenue was up 3.3%. In constant currency (CC) terms, the dollar revenue grew by nearly 3% sequentially.
TechM hiring, attrition
Tech Mahindra added 5,877 new hires in Q2, taking its total headcount to 163,912, up 3.7% QoQ, the company said in a regulatory filing.
The attrition rate declined to 20% for the quarter from 22% reported in the first quarter ended 30 June, 2022.
“We continue to focus on being resilient and agile to ensure long-term value for our people, customers, partners, and the society at large. While market conditions evolve and supply-side challenges continue, we will strengthen our differentiated offerings to help customers in their transformation journey through our integrated & new-age solutions,” said CP Gurnani, Managing Director and Chief Executive Officer of Tech Mahindra.
Shares of Tech Mahindra Ltd closed 0.43% higher at ₹1,067.95 apiece on the NSE today. It has tumbled 40.42% in 2022 so far as the sentiment remains negative on IT stocks due to recessionary fears.
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