Tech Mahindra reported consolidated net profit for the fourth quarter of FY23 declined 25.8% to ₹1,118 crore from ₹1,545 crore within the year-earlier interval. Revenue at ₹13,718.2 crore was a decline of 0.1% quarter on quarter and a rise of 13.2% yr on yr.
For the whole fiscal, the corporate’s income grew at 19.4% to ₹53,290 crore, whereas profit after tax fell 13.2% to ₹4,832 crore. The YoY margin at 15.1% witnessed a decline of 290 bps.
“As we step into FY24, we see the increasing need for businesses to stay agile by leveraging next generation technologies,” MD & CEO C.P. Gurnani mentioned in a press convention.
Despite challenges, the corporate was strongly targeted on serving to clients keep competitively dominant and related within the period of quick evolving market situations by serving to them adapt to leaner and sustainable enterprise fashions, Mr. Gurnani added.
“Our strategy of prudence and operational excellence helped us through the uncertainties of FY23. We move into the next fiscal, with sharper focus on productivity improvements, cash and value creation for our stakeholders,” mentioned Chief Financial Officer Rohit Anand. The firm board has really helpful a remaining dividend of ₹32 per share, taking the entire dividend for FY23 to ₹50 per share.
The firm additionally reported a decline in attrition to 15% QoQ and 24% YoY. Its headcount lowered by 4,668 to 152,400.