Tech Mahindra PAT slides down to Rs 692 crore

Chennai, July 26 Tech Mahindra Ltd on Wednesday said its consolidated net profit in FY24's first quarter has slid down to Rs 692.5 crore against Rs.1,131.6 crore in the corresponding period previous year.

In a regulatory filing, Tech Mahindra said it had earned a consolidated revenue from operations for Q1FY24 of Rs 13,159 crore (against Q1FY23's Rs 12,707.9 crore) and a net profit of Rs 692.5 crore (against Rs.1,131.6 crore).

The company’s total expenses during the period under review went up to Rs12,387.3 crore (against Rs 11,344.8 crore) largely driven by employee benefit expenses and other expenses.

"Our results this quarter reflect the uncertainty in the global economy and the IT sector. We are confident that we have the right strategy and the right team to overcome this temporary setback and deliver long term value for our customers and shareholders," Managing Director & Chief Executive Officer C.P. Gurnani said.

Tech Mahindra’s total headcount at 148,297, down 4,103 quarter-on-quarter.

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