Tech Mahindra's Q1 profit declines

26 Jul 2022 , 09:09 AM

The fifth-largest IT exporter in the nation, the Mahindra Group company, reported a net profit of Rs1,353 crore during the last 12-month period.

Tech Mahindra revealed on Monday that its consolidated net profit for the quarter ending in June 2022 fell by 16.4% to Rs1,132 crore.

The fifth-largest IT exporter in the nation, the Mahindra Group company, reported a net profit of Rs1,353 crore during the last 12-month period.

In comparison to the same quarter last year, its revenue for the reporting quarter increased by 24.6% to Rs12,708 crore from Rs10,198 crore.

According to the company’s exchange report, operating profit fell 9.2% to Rs1,403.4 crore, and the operating profit margin shrank to 11% from 15.2% in the prior-year period.

During the quarter, the company hired 6,862 more people, bringing its overall staff to 1.58 lakh.

The company’s chief executive and managing director, C P Gurnani, said: “We remain robust and attentive given the volatile global macroeconomic climate and will continue to invest in new and emerging technologies to produce distinct products.

In comparison to a 0.55% correction on the benchmark, the company’s stock fell 1.15% on Monday to settle at Rs1,016.55 per share on the BSE.