2 hours Ago By Zee News
The Tech Mahindra scrip settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. New Delhi: IT services firm Tech Mahindra on Saturday reported a 153.
1 per cent year-on-year jump to Rs 1,250 crore in its consolidated net profit for the July-September quarter. The Mahindra Group company had posted a net profit of Rs 493.9 crore in the year-ago period.
Revenue for Q2 FY25 came in at Rs 13,313.2 crore, 3.49 per cent higher than Rs 12,863.
9 per cent in Q2 FY24, according to a regulatory filing. Seen sequentially, profit and revenue saw an ascent of 46.81 per cent and 2.
36 per cent, respectively. "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," Tech Mahindra CEO Mohit Joshi said.
Joshi, who took over as CEO in December 2023, unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, revenue growth, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said.
The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. The Tech Mahindra scrip settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close.
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