Tech Mahindra has announced the audited consolidated financial results for quarter ended (QE) September 30, 2023. The company’s revenue stood at $1.55 billion, down 2.8 per cent quarter-on-quarter (QoQ) and 5.1 per cent year-on-year (YoY). Earnings before interest, taxes, depreciation, and amortisation (EBITDA) during the reported quarter decreased 20.5 per cent QoQ and 47.3 per cent YoY at $129 million. Profit after tax (PAT) stood at $59 million, down 29.3 per cent QoQ and 62.5 per cent on a YoY basis.
Commenting on the results, CP Gurnani, managing director and chief executive officer, Tech Mahindra, said, “The year is being characterised by a challenging demand environment and prolonged macro uncertainties calling for a very tactical approach. We have doubled down our strategy of working closely with clients, helping them to streamline and modernise operations as they reprioritise their resources.”
Meanwhile, Rohit Anand, chief financial officer, Tech Mahindra, said, “We have taken actions to reduce the exposure to non-core areas of business. These actions will, over time, help us improve our financial performance and enable long-term sustainable growth. A consistent dividend payout reinforces our commitment towards creating value for our shareholders.”