Tech Mahindra Q2 net profit surges 153% to ₹1,250 crore
The Hindu
Tech Mahindra reports 153% growth in net profit, 3.5% revenue increase, and strategic improvement efforts in Q2 2024.
Tech Mahindra Ltd for the second quarter ended September 30, 2024 reported consolidated net profit of ₹1,250 crore which is a growth of 153% over the year ago period.
Revenues at ₹13,313 crore grew marginally by 3.5% Year on Year (YoY).
The company said its total headcount at the end of the quarter was 154,273, up 3,669 YoY. LTM (Last 12 Months) IT attrition rate was 10.6%.
At the end of the quarter the company had cash and cash equivalent of ₹6,566 crore.
The board has declared an interim dividend declared ₹15 per share.
Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said in a statement said, “We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft.”
“We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter,” he added.
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