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Tech Mahindra announced a consolidated net profit of Rs 1,297 crore for the December quarter of fiscal year 2022-23, a 5.3 percent decrease, on January 30. In the previous fiscal year, profit after tax was Rs 1,368 crore.
The income from operations came in at Rs 13,735 crore, up 19.9 percent from Rs 11,450 crore in the same quarter last year, according to an exchange report by the information technology services provider.
While sales exceeded forecasts, net profit fell slightly short of the Street’s prediction.
Profit after tax (PAT) was predicted to climb 3.8 percent sequentially but fall 0.6 percent year on year (YoY) to Rs 1,359 crore, according to an average of five brokerage forecasts surveyed by Moneycontrol. Consolidated revenue was expected to increase 18% year on year and 3.7 percent quarter on quarter to Rs 13,612 crore.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) was Rs 2,144 crore for the quarter, up 8.1 percent sequentially and 4.1 percent year on year.
“We are witnessing moderation in growth given the tough macro economic environment. We will continue to work with our customers to pre-empt their technological requirements and identify, new demand drivers, especially for digital services,” CP Gurnani, managing director & chief executive officer, Tech Mahindra said.
Net new business wins for the quarter was $795 million, up from $704 million the previous year. IT attrition has decreased to 17% from 20% in Q2 FY23 and 24% in Q3 FY22.
The company’s overall workforce remained at 157,068, down 4.2 percent QoQ but up 8.3 percent year on year.
“Our numbers reflect resilience as we continue to work on the expansion of operating margin. I am confident that our strategy of client centricity & agility combined with delivery-led transformation will help us create value for our customers and stakeholders alike,” Rohit Anand, chief financial officer, Tech Mahindra said.
