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Business EconomyPosted at: Apr 25 2024 7:28PM


Tech Mahindra net at Rs 661 crore in Q4; Company gives dividend of Rs 28 per share

New Delhi, April 25 (UNI) Mahindra Group company Tech Mahindra, a technology consulting and digital solutions provider, on Thursday reported about 41 per cent decline in net profit at Rs 661 crore year-on-year basis for the fourth quarter ended March 31, 2024.
Total revenue from operations were down 6.2 per cent year-on-year basis at Rs 12,871 crores, the company said in a release.
Full year revenue stood at Rs 51,996 crores, down 2.4 per cent year-on-year, the company said, adding the net profit for the year is Rs 2,358 crores.
The Board of Directors has recommended a dividend of Rs 28 per share.
Commenting on the financial performance, Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, “as we step into FY 2024-25, we look forward to improvement in clients spending, which fuels our optimism for a better revenue performance ahead. Our unique ability to enable customers with transformative scale at unparalleled speed, differentiates us from competitors.”
FY 2023-24 posed its fair share of challenges for the IT services sector. Yet, amidst the global economic uncertainties, the company continue to observe a notable push towards digital adoption, the company said.
Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “With another quarter of robust cash generation, we have reported improvement in deal wins and operating margins in Q4FY’24, which has enabled consistent dividend distribution. We are confident that our actions will lead to steady earnings growth in the coming years. We will continue to focus on operational excellence and cost savings to deliver superior shareholder returns.”
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