At the end of the quarter Tech Mahindra had cash and cash equivalent of ₹6,566 crore. File.
| Photo Credit: Reuters
Tech Mahindra Ltd for the second quarter ended September 30, 2024 reported consolidated net profit of ₹1,250 crore which is a growth of 153% over the year ago period.
Revenues at ₹13,313 crore grew marginally by 3.5% Year on Year (YoY).
The company said its total headcount at the end of the quarter was 154,273, up 3,669 YoY. LTM (Last 12 Months) IT attrition rate was 10.6%.
At the end of the quarter the company had cash and cash equivalent of ₹6,566 crore.
The board has declared an interim dividend declared ₹15 per share.
Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said in a statement said, “We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft.”
“We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter,” he added.
Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “This quarter we see consistent performance around increasing deal wins, revenue growth, cost optimization and steady free cashflow generation as we continue our journey towards FY27 stated targets.”
Published – October 19, 2024 08:48 am IST
