IT major Tech Mahindra Limited has announced its financial results for the third quarter ended March 31, 2022 (Q4FY23). During Q4, the company saw its attrition rate improve for the fourth consecutive quarter. However, Wipro reduced its headcount in the quarter.
The total headcount of the company was 152,400. Tech Mahindra’s employee count decreased by 4,668 in the January to March 2023 quarter. The employee count stood at 157,068 in the December quarter.
Tech MahindraThe attrition rate stood at 15 per cent in Q4 FY2023, up from 17 per cent in Q3 FY2023. The rate was also down from 24 percent in the year-ago quarter.
The firm is looking at a decline in the attrition rate from Q1 FY2023 onwards after a steady growth in the preceding five quarters.
Tech Mahindra reports consolidated net profit 1,125 crore for the March 2023 quarter, down 27 per cent 1,545 crore it had reported a year ago.
revenue from operations 13,718.2 crore, flat on a sequential basis and up 13 percent year-on-year.
Tech Mahindra’s profitability was impacted due to higher spending and cut in customer spending due to challenging macro conditions.
In addition, consolidated EBITDA stood at 2,021 crore – registering a decline of 5.7% QoQ and 3.2% YoY. In dollar terms, revenue at $1,668 million was flat QoQ but up 3.7% YoY. Revenue growth at 0.3% QoQ in constant currency terms.
Tech Mahindra has recommended finals on Thursday Dividend Of 32 per equity share of face value 5, ie 640 percent.
Final dividend is in addition to special dividend 18 per share to be paid as interim dividend in November, 2022. The total dividend for FY 22-23 will be 50 per share at par value of 5 each i.e. 1000 percent.
The company’s stock closed with a gain of 0.80 per cent on Thursday. 1,004.20 on the BSE.
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