IT major Tech Mahindra on Monday posted a 5.3 percent drop in December quarter net profit at Rs 1,297 crore. In the corresponding period a year ago, its net profit stood at Rs 1,368.5 crore, the company said in an exchange filing.
Its revenue from operations came in at Rs 13,734.6 crore for the third quarter under review, showing a rise of 20 percent year-on-year from Rs 11,450 croe in Q3 FY22. On a sequential basis, its Q3 revenue grew 4.6 percent over the September quarter of FY23.
In Q3 FY23, it has reported an EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 2,144 crore, which is 4.1 percent rise on a yearly basis and 8.1 percent Q-o-Q.
According to an ETNow poll, Tech Mahindra’s consolidated revenue was expected to grow nearly 3 percent sequentially to Rs 13,490 crore.
Its net new deal wins for the quarter stood at $795 million, as gainst $704 million worth of net deal wins in the year-ago period. The company showed that its attrition during the December quarter moderated to 17 percent from 20 percent in Q2 FY23 and 24 percent in the corresponding year-ago period.
CP Gurnani, Managing Director and Chief Executive Officer, Tech Mahindra, said, “We are witnessing moderation in growth given the tough macro economic environment. We will continue to work with our customers to pre-empt their technological requirements and identify, new demand drivers, especially for digital services.”
“Our numbers reflect resilience as we continue to work on the expansion of operating margin. I am confident that our strategy of client centricity & agility combined with delivery led transformation will help us create value for our customers and stakeholders alike,” said Rahit Anand, Chief Financial Officer at Tech Mahindra.
