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Tech Mahindra Ltd. a specialist in the digital transformation space, consulting, and business re-engineering services announced its Q2FY23 results, reporting a 4% decline in profits but beating street estimates.
Total revenue for the quarter came in at ₹13,129 Crores, up 27% when compared with Rs 10,881 reported in the corresponding quarter last year. The company had new net deal wins of $716 million, down 10.7% QoQ as its top 5 clients accounted for 19% of its revenues.
EBITDA for the quarter stood at ₹1,984 Crores, up 5.5% QoQ, but saw a decline of 0.6% YoY. EBITDA margins were at 15.1%, up by 30 bps.
Vedanta Q2 results are live, read now.
However consolidated PAT saw a decline of 4% YoY, at ₹1,285 crores, but increased 13.6% from last quarter of ₹1,131 Crores. Most notably, employee benefit expenses surged 27.3% YoY to Rs 6,895 crores.
Similar to all IT firms, the company is also facing a high attrition problem, but the rate declined to 20% from the 22% reported last quarter.
“We continue to focus on being resilient and agile to ensure long-term value for our people, customers, partners, and the society at large.While market conditions evolve and supply side challenges continue we will strengthen our differentiated offerings to help customers in there transformation journey through our integrated & new-age solutions” CP Gurnani, MD & CEO Tech Mahindra.
Recently, Tech Mahindra announced a partnership with Foxconn and initiated MIH (Mobility in Harmony) consortium that will focus on sustainable mobility solutions and building the next generation of EVs. Tech Mahindra will assist MIH to build the software architecture & provide software, design, and consulting expertise.
The company has also announced a special dividend of Rs 18 per share (or 360%) which closed at Rs 1,053.65 per share on Friday.
Article by Aman Agarwal and Avinash Jha
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