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Apr 25, 2024 04:23 PM IST
Tech Mahindra Q4 results: Net profit stood at ₹1,117.70 crore in the March 2023 quarter.
IT major Tech Mahindra reported a 41% year-on-year drop in its March quarter net profit to ₹661 crore. The same stood at ₹1,117.70 crore in the March 2023 quarter. The company reported a 4.6% YoY and 1% QoQ decline in headcount in Q4FY24 to 1,45,455 from 1,52,400 in Q4FY23 and 1,46,250 in Q3FY24.
Tech Mahindra Q4 results: Employees walk outside the cafeteria in the Tech Mahindra office building in Noida on the outskirts of New Delhi.(Reuters) Read more: ACC Q4 results: Net profit rises to ₹748.54 crore, revenue jumps 12.6% YoY
The company also said that net new deal wins (TCV) climbed to $500 million in Q4FY24 versus $381 million in Q3FY24 but was down on a YoY basis from $592 million reported in Q4FY23.
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Mohit Joshi, Chief Executive Officer & Managing Director said that the company will look forward to improvement in client spending in FY2025. FY24 had its fair share of challenges for the IT services sector and the company, he said.
Top points to note from Tech Mahindra's Q4 results
- Sequentially, net profit was up by 29.5 per cent.
- Consolidated revenue for Q4FY24 decreased 6.2 per cent YoY at ₹12,871 crore.
- On a QoQ basis, revenue was down by 1.8 per cent.
- EBIT margin or operating margin came in at 7.4 per cent- an improvement from the previous quarter’s 5.4 per cent.
- FY24 revenue came in at ₹51,996 crore, decreasing by 2.4 per cent YoY.
- Net profit stood at ₹2,358 crores, down by 51.2 per cent YoY.
- Tech Mahindra's board recommended a final Dividend of ₹28 per equity share of the face value of Rs. 5/- each (560%).
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