Tech Mahindra Q2 profit slides 4% on higher expenses; declares special dividend of ₹18

  • On a sequential basis, PAT rose 13.6%
  • The company board announced a special dividend of 18 per share

Meghna Sen
Updated1 Nov 2022, 04:27 PM IST
Tech Mahindra announced its Q2FY23 numbers on Tuesday.
Tech Mahindra announced its Q2FY23 numbers on Tuesday.(Bloomberg)

Country's fifth largest IT services exporter Tech Mahindra on Tuesday reported a 4% year-on-year decline in consolidated profit after tax (PAT) to 1,285.4 crore in the second quarter of FY23 (July-September), as higher expenses offset the rise in revenue. The firm had posted a profit of 1,338.7 crore in the year-ago period.

On a sequential basis, the IT services exporter's PAT rose 13.6% from 1,131.6 crore in the April to June quarter.

The company board also announced a special dividend of 18 per share.

Revenue for the quarter came in at 13,129.50 crore, up 20.6% YoY over 10,881.30 crore in the corresponding quarter last year.

Sequentially, the revenue was up 3.3%. In constant currency (CC) terms, the dollar revenue grew by nearly 3% sequentially.

TechM hiring, attrition

Tech Mahindra added 5,877 new hires in Q2, taking its total headcount to 163,912, up 3.7% QoQ, the company said in a regulatory filing.

The attrition rate declined to 20% for the quarter from 22% reported in the first quarter ended 30 June, 2022.

"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 their transformation journey through our integrated & new-age solutions," said CP Gurnani, Managing Director and Chief Executive Officer of Tech Mahindra.

Shares of Tech Mahindra Ltd closed 0.43% higher at 1,067.95 apiece on the NSE today. It has tumbled 40.42% in 2022 so far as the sentiment remains negative on IT stocks due to recessionary fears.

 

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:1 Nov 2022, 04:27 PM IST
HomeCompaniesCompany ResultsTech Mahindra Q2 profit slides 4% on higher expenses; declares special dividend of ₹18

Most Active Stocks

Tata Steel

168.40
01:14 PM | 10 JUL 2024
-3.4 (-1.98%)

Indian Oil Corporation

170.15
01:14 PM | 10 JUL 2024
-1.55 (-0.9%)

Bharat Electronics

331.35
01:14 PM | 10 JUL 2024
-3.2 (-0.96%)

Ashok Leyland

225.70
01:14 PM | 10 JUL 2024
-2.65 (-1.16%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Rail Vikas Nigam

590.70
01:06 PM | 10 JUL 2024
47.55 (8.75%)

Prism Johnson

173.35
01:05 PM | 10 JUL 2024
8.5 (5.16%)

Vardhaman Textiles

532.00
01:06 PM | 10 JUL 2024
25.4 (5.01%)

Five Star Business Finance

828.45
01:06 PM | 10 JUL 2024
37 (4.67%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K

    Fuel Price

    • Petrol
    • Diesel
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts