Tech Mahindra reports 3.5% growth in revenue

Tech Mahindra has reported revenue of Rs 13,159 crore for Q1FY24 against Rs 12,707.9 crore in Q1FY23 and net profit of Rs 692.5 crore against Rs 1,131.6 crore.
Tech Mahindra Lab
In dollar terms, Tech Mahindra’s revenue reached $1,601 million; down 4 percent QoQ, down 1.9 percent YoY.

The company’s total expenses rose to Rs 12,387.3 crore from Rs 11,344.8 crore largely driven by employee benefit expenses and other expenses.

“Our results this quarter reflect the uncertainty in the global economy and the IT sector. We have the right strategy and the right team to overcome this temporary setback and deliver long term value for our customers and shareholders,” CP Gurnani, CEO of Tech Mahindra, said.

Tech Mahindra’s total headcount reached 148,297, down 4,103 quarter-on-quarter.

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