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Tech Mahindra Q2 Results: IT services firm Tech Mahindra on Saturday reported a 153.1 per cent year-on-year jump in its consolidated net profit to Rs 1,250 crore for the second quarter ended September 30. Its revenue during July-September 2024 rose 3.
49 per cent to Rs 13,313.2 crore, compared with Rs 12,863.9 crore in the year-ago period.
The Mahindra Group company had posted a net profit of Rs 493.9 crore in the year-ago period, according to a regulatory filing. On a quarter-on-quarter basis, Tech Mahindra’s profit and revenue saw an ascent of 46.
81 per cent and 2.36 per cent, respectively. Tech Mahindra CEO Mohit Joshi 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. 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. Tech Mahindra Chief Financial Officer Rohit Anand said, “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.” The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra on Friday closed at Rs 1,688 apiece on the BSE, down 0.
68 per cent from the previous close..
