Tech Mahindra Q2 Results: Net Profit Drops 4%The profit after tax stood at INR 1,285 crore for the quarter ended September 30
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Tech Mahindra reported a four percent year-on-year decline in consolidated net profit. The profit after tax stood at INR 1,285 crore for the quarter ended September 30.
Sequentially, net profit jumped 13.6 per cent from INR 1131.6 crore in the June quarter.
"We continue to focus on being resilient and agile to ensure long-term value for our people, customers, partners and the society at large. While market conditions evolve and supply-side challenges continue, we will strengthen our differentiated offerings to help customers in their transformation journey through our integrated and new-age solutions," said CP Gurnani, managing director and chief executive officer, Tech Mahindra.
"We have taken several targeted measures to achieve operational efficiencies and ensure long term sustainable growth. While we continue to address the dynamic market conditions, we will remain focused on creating value for our stakeholders, through continued operational rigor, robust cash generation and prudent capital allocation. Additionally, we have also announced a special dividend of INR 18 per share, in line with our capital allocation policy," said Rohit Anand, chief financial officer, Tech Mahindra.
Consolidated revenue from operations for the quarter stood at INR 13,129.5 crore, higher by 3.3 per cent sequentially and 20.6 percent year-on-year. Revenue stood at Rs 10,881.3 crore in the same quarter last fiscal.
