Tech Mahindra reports 62% y-o-y decline in net profit at Rs 494 crore in Q2

26 Oct 2023 , 10:00 AM

Tech Mahindra recorded a consolidated net profit of Rs 494 crore in the second quarter, a decrease of around 62% from the Rs 1,285 crore reported in the same quarter previous year.

Revenue from operations fell 2% year-on-year to Rs 12,864 crore in the reporting quarter, from Rs 13,129 crore the previous year.

The company’s board of directors has authorised an interim dividend of Rs 12 per equity share, with November 2 set as the record date.

Revenue fell 2.4% QoQ in constant currency (CC), while dollar revenue fell roughly 3% sequentially in the reporting period.

In the July-September quarter, the company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) decreased 46% year-on-year to Rs 1,072 crore.

The communication, media, and entertainment (CME) sector lost the greatest revenue in the second quarter, falling 11% year-on-year, followed by the financial services industry (BFSI), which lost 6%.