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Tech Mahindra PAT Declines By 14.4% YoY In Q3FY23

The company’s total headcount was at 157,068 down 4.2 per cent QoQ

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Tech Mahindra on Monday announced the audited consolidated financial results for its quarter ended December 31, 2022. The company has reported its Profit after tax (PAT) at USD 157 million; down 1.0 per cent quarter-on-quarter (QoQ) and down 14.4 per cent year-on-year (YoY).

The company’s revenue stood at USD 1,668 million; up 1.8 per cent QoQ and up 88 per cent YoY. In INR, Revenue was at Rs 13,735 crore; up 4.6per cent QoQ and up 19.9 per cent YoY.

In a statement, CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra said, “We are witnessing moderation in growth given the tough macroeconomic environment. We will continue to work with our customers to pre-empt their technological requirements and identify new demand drivers, especially for digital services.” 

During the Q3 FY23, Tech Mahindra’s EBITDA was at Rs 2,144 crore; up 8.1 per cent QoQ, up 4.1 per cent YoY.

Rohit Anand, Chief Financial Officer, Tech Mahindra, said, “Our numbers reflect resilience as we continue to work on the expansion of operating margin. I am confident that our strategy of client centricity and agility combined with delivery led transformation will help us create value for our customers and stakeholders alike.”

The company’s total headcount was at 157,068 down 4.2 per cent QoQ.

Cash and Cash Equivalent was noted to be at USD 780 million as of December 31, 2022.

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tech mahindra quarterly results Q3FY23