Tech Mahindra stock price up by more than 7% today

26 Apr 2024 , 06:22 PM

Tech Mahindra's stock price gained 7% today.  Its consolidated net profit soared by 29.51% to ₹661 Crore in Q4 FY24 compared to ₹510.4 Crore in Q3 FY24.

However, revenue from operations slightly declined to ₹12,871.3 Crore in the March quarter, down by 1.76% from ₹13,101.3 Crore in the preceding quarter of FY24. On a year-on-year (YoY) basis, Tech Mahindra experienced a 40.86% drop in net profit and a 6.17% fall in revenue in Q4 FY24. EBITDA reached ₹1,407.8 Crore in the quarter ended March 31, 2024, marking a 22.8% increase QoQ but a 30.3% decrease YoY. EBITDA margin stood at 10.9% in Q4 FY24.

In USD terms, revenue amounted to $1,548.2 million, reflecting a de-growth of 1.6% QoQ and 7.2% YoY. Profit after tax increased by 29.5% QoQ but declined by 41.5% YoY.

Tech Mahindra secured net new deals worth $500 million in Q4 FY24, showing improvement from the previous quarter. Total headcount decreased by 1% QoQ and 4.6% YoY, while the LTM IT attrition rate remained constant at 10% in Q4 FY24.

For the full year FY24, consolidated net profit plummeted by 51.2% to ₹2,357.8 Crore on a 2.43% decline in revenue to ₹51,995.5 Crore. The company's cash and cash equivalent stood at ₹7,911.5 Crore as of March 31, 2024.

Tech Mahindra's board recommended a final dividend of ₹28 per equity share for FY24, aiming to deliver superior shareholder returns.

Rohit Anand, CFO of Tech Mahindra, expressed confidence in steady earnings growth, focusing on operational excellence and leveraging next-generation technologies for digital transformation.

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