Tech Mahindra: Tech Mahindra Q4 Results: Profit surges 39% YoY to Rs 1,506 cr, beats estimates

NEW DELHI: IT major (TechM) on Friday said its profit after tax (PAT) for the quarter-ended March 2022 stood at Rs 1,506 crore, up 39.2 per cent over Rs 1,081 crore reported in the same quarter last year.

It compares with the Rs 1,450 crore PAT that ET Now analysts’ poll had projected.

The company said its revenue was at Rs 12,116 crore, up 24.5 per cent against Rs 9,730 crore in the year-ago quarter. Ebitda of the company advanced 7.2 per cent to Rs 20,88 crore.

“Our improved growth performance reflects the power of Human-Centered experiences, a strong focus on innovation and our ability to create a strong customer and partner ecosystem,” said CP Gurnani, Managing Director and Chief Executive Officer, Tech Mahindra.

“Tech Mahindra’s commitment towards sustainable digital transformation and investment in new-age technology stacks has resulted in one of the highest growth wins over the last 7 years.”

Dollar revenue came in at $ 1.61 billion, up 21 per cent YoY. Revenue growth was 5.4 per cent QoQ in constant currency terms. PAT was at $ 198.5 million, up 24.9 per cent YoY and free cash flow was at $ 111 million.

“Our structural profitability continues to robust, and we look forward to continuing our journey with a sustainable digital portfolio backed by resilient capital returns and operational efficiencies,” said Milind Kulkarni, Chief Financial Officer, Tech Mahindra.

The company said its last twelve-month (LTM) IT attrition rate was at 24 per cent in the March quarter, same as last quarter but sharply higher than 13 per cent in the year-ago quarter. Total headcount remained at 1,51,173, up 4.2 per cent QoQ.

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