Tech Mahindra Q4 FY23 profit after tax drops by 26% to ₹1,118cr

Tech Mahindra has posted a decline of 25.8% in its profit after tax (PAT) for the fourth quarter of the fiscal year 2023 (Q4 FY23) at INR 1,118 crores, compared to INR 1,505 crores in the same quarter of the previous fiscal year.

In the third quarter of FY23, Tech Mahindra’s profit after tax was INR 1,297 crores.

The Indian IT firm’s diluted earnings per share (EPS) for the quarter ended 31 March 2023 were INR 12.6, compared to INR 16.9 in Q4 FY22.

Tech Mahindra which offers digital transformation, consulting and business re-engineering services earned revenues of INR 13,718 crores in the reported quarter, which is a year-over-year (YoY) increase of 13.2%, compared to INR 12,116 crores in Q4 FY22. In Q3 FY22, Tech Mahindra’s revenue was INR 13,734 crores.

For the fiscal year 2023 (FY23), the company’s profit after tax was INR 4,832 crores, which is a decrease of 13.2% compared to INR 5,566 crores in FY22.

Tech Mahindra earned revenue of INR 53,290 crores in FY23, which is an increase of 19.4% compared to INR 44,646 crores.

The company’s total headcount on 31 March 2023 was 152,400, which was down by 4,668 compared to the previous quarter.

Commenting on Tech Mahindra Q4 FY23 results, CP Gurnani — Managing Director and CEO of Tech Mahindra, said: “As we step into FY’24, we see the increasing need for businesses to stay agile by leveraging next generation technologies. We are strongly focused on helping our customers stay competitively dominant and relevant in the era of fast evolving market conditions by helping them adapt to leaner and sustainable business models.”