Tech Mahindra Q4 net profit falls 26%

Tech Mahindra Ltd on Thursday reported 25.8 per cent year-on- year (YoY) decline in net profit at Rs 1,118 crore for the quarter ended March 31, 2023.

New Delhi, Apr 27: Tech Mahindra Ltd on Thursday reported 25.8 per cent year-on- year (YoY) decline in net profit at Rs 1,118 crore for the quarter ended March 31, 2023.

However, consolidated revenue for the period increased by 13.2 percent to Rs 13,718 crore year-on-year (YoY) basis.
Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 2,021 crore, down 3.2 per cent year-on-year (YoY) basis, a statement from the company said.

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CP Gurnani, Managing Director and Chief Executive Officer, Tech Mahindra, said, “As we step into FY’24, we see the increasing need for businesses to stay agile by leveraging next generation technologies. We are strongly focused on helping our customers stay competitively dominant and relevant in the era of fast evolving market conditions by helping them adapt to leaner and sustainable business models.”