Tech Mahindra Q2 results: Net profit falls 62%; co declares interim dividend

IT firm Tech Mahindra Ltd reported a 61.6% year-on-year (YoY) fall in net profit at Rs 494 crore for the September quarter compared with Rs 1,285.4 crore in the corresponding quarter last year. The board approved an interim dividend of Rs 12/- per equity share of Rs. 5/- each i.e. 240% of the face  value. It fixed Thursday, November 2, 2023 as the record date for determining the members entitled  to receive the interim dividend.  

Revenue in the September quarter slipped 2% to Rs 12,864 crore against Rs 13129.5 crore in the corresponding quarter of the last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 46.6% (YoY) to Rs 1,072 crore from Rs 1,984.1 crore. On a quarter-on-quarter basis, EBITDA slipped 20% from Rs 1338 crore. EBITDA in percentage terms fell to 8.3%  in Q2 against 15.1% in the September 2022 quarter. Total headcount at the end of September quarter stood at 150,604, up 2,307 QoQ  and cash and cash equivalent stood at Rs 6,515 crore as of September 30, 2023.     

 Earnings per share (EPS) declined to Rs 5.59 in Q2 against Rs 14.58 in the Seprtember 2022 quarter. 

The earnings were announced after market hours today. Shares of Tech Mahindra closed 1.16% lower at Rs 1141.70 against the previous close of Rs 1155.15 on BSE. Market cap of the firm fell to Rs 1.11 lakh crore.

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