Tech Mahindra Q2 PAT falls by 4% to Rs 1,285 crore

2 Nov 2022 , 10:44 AM

On Tuesday, Tech Mahindra revealed a 4% drop in its consolidated earnings after tax for the September quarter, coming in at Rs1,285 crore.

The fifth-largest exporter of IT services in the nation generated a net profit of Rs1,339 crore during the prior 12-month period.

In the second quarter of the current fiscal year, the company’s overall revenue increased 20.7% to Rs13,129 crore. It was Rs10,881 crore during the same time period last year, according to a statement. Chief Executive Officer and Managing Director of Tech Mahindra C P Gurnani noted that supply-side issues are still present and that market conditions are “changing.”

As opposed to USD 750 million in the same period last year and USD 802 million in the quarter before that, it announced a total contract value of freshly signed deals of USD 716 million for the September quarter. The corporation increased its employment base by more than 5,000 during the most recent September quarter, bringing the total to 1.63 lakh.

Compared to advances of 0.62% on the benchmark, the company’s shares concluded Tuesday’s trading session on the BSE 0.43% higher at Rs 1.068.10 per share.

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