Tech Mahindra’s Q1 Profit Plummets 16% to Rs 1,132 Crore

Mumbai (Maharashtra) [India], July 25 (ANI): Tech Mahindra, an IT services company, reported a consolidated net profit of Rs 1,132 crore in the quarter ending June 30, 2022, a decrease of 16.4% from the same period in the prior year. On a sequential basis, the firm’s earnings dropped 24.8%.
The organization’s total revenue for the quarter was Rs 12,708 crore, a year-on-year rise of 24.6%. On a quarter-on-quarter basis, the company’s income increased by 4.9%.
CP Gurnoni, Managing Director & Chief Executive Officer of Tech Mahindra, commented, “We are beginning this fiscal with a new dedication to achieving consistent organic growth. Given the ever-changing global macroeconomic environment, we remain resilient and vigilant and will continue to invest in new and emerging technologies to deliver unique offerings. Our successful strategy is based on the pillars of ‘Purpose, People and Performance’, which is helping us to take advantage of the strong market demand.”
Rohit Anand, Chief Financial Officer of Tech Mahindra, said, “Delivery transformation, cost optimization and cash conversion will be key areas of focus, as we strive to counter the strong supply-side headwinds in the market. We intend to expand our profitability through operational excellence and improved operating metrics during FY 23.” (ANI)