Net profit falls 61% YoY to Rs 505 crore

The consolidated net profit of Tech Mahindra for the second quarter of the current financial year (Q2FY24) saw a fall of 61.10 per cent to Rs 505.30 crore, compared to Rs 1,299.20 crore for the corresponding quarter of the previous year, the company said in a BSE filing. Sequentially, the net profit was down 28.18 per cent. In Q1FY24, the net profit of the company was Rs 703.60 crore.

The consolidated revenue from operations for Q2FY24 came in at Rs 12.86 crore, compared to Rs 13.12 crore year-on-year (y-o-y), registering a loss of 1.98 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was down 2.20 per cent. It stood at Rs 13.15 crore in Q1FY24.

The total income for Q2FY24 came in at Rs 13.12 crore, compared to Rs 13.42 crore y-o-y, registering a fall of 2.23 per cent. On a q-o-q basis, the total income was down 1.72 per cent. It was Rs 13.35 crore in Q1FY24.

Tech Mahindra’s shares closed 1.16 per cent in the red at Rs 1,141.70 apiece on Wednesday.