HYDERABAD, TELANGANA, 28/02/2022: Managing Director and Chief Executive Officer of Tech Mahindra, C.P. Gurnani at the Unveils TechMVerse to Drive Commerce in the Metaverse in Hyderabad on Monday, February 28, 2022, To leverage world-leading network and infrastructure capabilities in partnership with hyper-scalers and startups to build B2B use cases across sectors. Photo: NAGARA GOPAL / The Hindu
| Photo Credit: NAGARA GOPAL
Tech Mahindra, a Pune-based digital transformation, consulting and business re-engineering services firm, reported a net profit of ₹693 crore for the quarter ended June 2023, a 38% decline compared with ₹1,131 crore it posted in the corresponding period last year.
The company posted a revenue of ₹13,159 crore, recording a growth of 3.5% YoY and a sequential drop of 4.1%.
In his performance commentary, CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra said, “Our results this quarter reflect the uncertainty in the global economy and the IT sector.’‘
A slowdown related to cut in discretionary tech spending and weakness in BFSI and CMT verticals in the global markets seemed to have impacted the overall performance of the tech firm that is heavily focused on these verticals, said a market observer.
“This quarter was a challenging one for us as revenue growth faced strong headwinds and that had an impact on profitability,” said Rohit Anand, Chief Financial Officer, Tech Mahindra.
The quarter saw its headcount falling by 4,103 sequentially to 148,297.
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