Tech Mahindra Q2 Profit Soars 153% YoY, Revenue Hits 13,313 Crore By CIOTechOutlook Team

Tech Mahindra Q2 Profit Soars 153% YoY, Revenue Hits 13,313 Crore

CIOTechOutlook Team | Monday, 21 October 2024, 03:12 IST

Tech Mahindra, an IT services company, reported a 153.1% increase in consolidated net profit to Rs 1,250 crore for the September quarter, with revenue also growing by 3.5% to Rs 13,313 crore compared to the same period last year. Profit and revenue experienced increases of 46.81% and 2.36% in succession.

During the announcement of the quarterly figures, the Mahindra Group company stated an interim dividend of Rs 15 per equity share and set November 1 as the record date to determine shareholder eligibility.

In the quarter, the PAT margin increased to 9.4%, with a 280 bps increase from the previous quarter and a 560 bps increase from the previous year. The recent agreement secured a TCV of $603 million.

"This quarter we see consistent performance around increasing deal wins, revenue growth, cost optimization and steady free cash-flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs. 15 per share," Rohit Anand, Chief Financial Officer, Tech Mahindra, said.

The company's CEO and MD Mohit Joshi said the overall IT firm has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," he said.