Updated January 25th, 2024 at 09:25 IST

Tech Mahindra Q3 profit rises over 3% to Rs 510 crore

Tech Mahindra’s operating profit, also known as EBIT, zoomed 54 per cent to Rs 703 crore, from Rs 457 crore in previous quarter.

Reported by: Tanmay Tiwary
Tech Mahindra | Image:Tech Mahindra
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Tech Mahindra Q3 results: Information Technology (IT) major Tech Mahindra’s profit soared 3.3 per cent to Rs 510 crore in the December quarter (Q3FY24), from Rs 494 crore in the previous quarter of the same financial year (Q2FY24).

The Pune-based company’s revenue rose 2 per cent to Rs 13,101 crore in Q3FY24, from Rs 12,863 crore in Q2FY24.

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Tech Mahindra’s operating profit, also known as EBIT, zoomed 54 per cent to Rs 703 crore, from Rs 457 crore in previous quarter. Its margin soared 190 basis points (bps) to 6.1 per cent, from 4.2 per cent.

The company’s Dollar revenue surged 1.1 per cent sequentially to $1,573 million during the quarter.

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The IT company axed 4,354 employees, taking the total headcount to 146,250 during the quarter. 

“The quarter was a mixed outcome, with growth in the Manufacturing and Healthcare segments but muted spending in areas like Communications, BFSI, and Hi-tech. While this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation,” said Mohit Joshi, Managing Director & Chief Executive Officer, Tech Mahindra.

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The shares of the Tech Mahindra settled 3.09 per cent higher at Rs 1,407.75 per share.

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Published January 24th, 2024 at 16:02 IST