Tech Mahindra Q1 profit slumps 16 per cent to Rs 1,132 crore

Mumbai (Maharashtra) [India], July 25 : IT services firm Tech Mahindra on Monday reported a consolidated net profit of Rs 1,132 crore for the quarter ended June 30, 2022, as compared to Rs 1,353.20 crore in the corresponding period of the last year, registering a year-on-year decline of 16.4 per cent.
On a sequential basis, the company's profit slumped by 24.8 per cent.
The company's total revenue for the quarter stood at Rs 12,708 crore in the first quarter of the current financial year, which is 24.6 per cent higher year-on-year.
On a quarter-on-quarter basis the company's revenue registered a growth of 4.9 per cent.
Commenting on the results, CP Gurnoni, Managing Director & Chief Executive Officer, Tech Mahindra, said, "We are starting this fiscal with a renewed commitment towards delivering consistent organic growth. We remain resilient and watchful given the dynamic global macro-economic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings. Our winning strategy rests on the pillars -- 'Purpose, People and Performance' which is aiding us to responsibly capitalize on the strong demand environment in the market."
"Delivery transformation, cost optimization and cash conversion will be key focus areas, as we continue to offset the strong supply side headwinds in the market. We aim to expand our profitability through operational excellence and improved operating metrics over the course of FY 23," said Rohit Anand, Chief Financial Officer, Tech Mahindra.