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Tech Mahindra, the fifth largest IT company, reported a 16.4% fall in its consolidated net profit at Rs 1,132 crores for the June 2022 quarter as compared to a net profit of Rs 1,353 crore in the last period.
The revenues of the company rose by 24.6 % to Rs 12,708 crore from Rs 10,198 crore in the last year.
The operating profit slid 9.2 % to Rs 1,403.4 crore, and the operating profit margin narrowed to 11 % from 15.2 % in the year-ago period, the company stated in its exchange filing.
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The total employee headcount went to 1.58 lakhs after adding 6,862 employees during the quarter. However, the attrition rate fell from 24% to 22% compared with the last quarter of the previous year, while the same increased from 17% against the same quarter of the previous year.
"We are starting this fiscal with a renewed commitment towards delivering constant organic growth. We remain resilient and watchful given the dynamic global macroeconomic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings," Chief executive and Managing Director C P Gurnani said.
Rohit Anand, Chief Financial Officer, said, “Delivery transformation, cost optimization, and cash conversion will be key focus areas, as we continue to offset the strong supply side headwinds in the market. We aim to expand our profitability through operational excellence and improved operating metrics over the course of FY'23."
The company's share fell by 1.76 % to close at Rs 999.35 a piece on the NSE on 26th July 2022. It opened today at Rs 1000.00 per share.
-by Gautam
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