Tech Mahindra's Net Profit Down By 16% In Q1

The PAT stood at INR 1,131.6 crore during the period under review compared with INR 1,353.2 crore in the year ago period

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IT firm Tech Mahindra reported a 16 per cent decline in its consolidated profit after tax (PAT) for the first quarter (Q1FY23). The PAT stood at INR 1,131.6 crore during the period under review compared with INR 1,353.2 crore in the year ago period.

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"We are starting this fiscal with a renewed commitment towards delivering consistent organic growth. We remain resilient and watchful given the dynamic global macro-economic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings," said CP Gurnani, MD & CEO, Tech Mahindra.

Revenue for the quarter stood at INR 12,708 crore, up 24.6 per cent year-on-year over INR 10,197.60 crore in the corresponding quarter last year.

"Delivery transformation, cost optimization and cash conversion will be key focus areas, as we continue to offset the strong supply side headwinds in the market. We aim to expand our profitability through operational excellence and improved operating metrics over the course of FY'23," said Rohit Anand, Chief Financial Officer.

In the quarter ended 31 March, 2022, Tech Mahindra reported an increase of 39 per cent in its consolidated PAT. The PAT stood at INR 1,506 crore during the period under review compared with INR 1,081 crore in the year-ago period.