Tech Mahindra, the IT major of the Mahindra Group, reported a comprehensively weak March 2023 quarter performance in terms of profitability. The company posted a consolidated net profit of 1,117.7 crore in the quarter ended March 31, 2023, as compared to a profit of Rs. 1,505.7 crore in the same period last year. However, revenue grew by 13.2% YoY. The company declared the final dividend for FY23.
Brokerage ICICI Direct expected Tech Mahindra’s revenue to come 13,723.4 crore up 13.3% YoY and flat sequentially. EBITDA was factored in 2,127.1 crore up 1.9% YoY but down 0.8% QoQ. PAT was estimated 1,277.4 Crore down 15.2% YoY and 1.5% QoQ.
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