Tech Mahindra Q2 profit after tax dips 4%

November 01, 2022 08:29 pm | Updated 08:29 pm IST - Mumbai

C.P. Gurnani

C.P. Gurnani | Photo Credit: NAGARA GOPAL

Tech Mahindra Ltd. reported second quarter consolidated net profit declined 4% to ₹1,285 crore compared with the year-earlier period on supply side pressures. Revenue grew 20.7% to ₹13,129 crore as compared to the same period last year.

The company’s board has announced a special dividend of ₹18 per share with face value of ₹5 each.

“We continue to focus on being resilient and agile to ensure long-term value for our people, customers, partners, and the society at large,” said C.P. Gurnani, MD & CEO, Tech Mahindra.

“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 and new-age solutions,” he added.

Rohit Anand, CFO, Tech Mahindra said, “We have taken several targeted measures to achieve operational efficiencies and ensure long-term sustainable growth.”

“While we continue to address the dynamic market conditions, we will remain focused on creating value for our stakeholders, through continued operational rigor, robust cash generation and prudent capital a/location,” he added.

The company said its total headcount increased 3.7% quarter on quarter to 1,63,912. It had cash and cash equivalent of $947 million as of September 30, 2022.

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