Tech Mahindra's PAT declines 51 per cent to Rs 2,358 crore in FY24

April 25, 2024
IT software major Tech Mahindra on Thursday reported its consolidated profit after tax (PAT) at Rs 2,358 crore for FY24, down 51.2 per cent (year-on-year).

New Delhi, April 25 (IANS) IT software major Tech Mahindra on Thursday reported its consolidated profit after tax (PAT) at Rs 2,358 crore for FY24, down 51.2 per cent (year-on-year).

The revenue for the last fiscal year was Rs 51,996 crore, down 2.4 per cent (YoY), while EBITDA was at Rs 4,965 crore, down 38.2 per cent (YoY).

On a quarterly basis, the company saw a 29 per cent increase in PAT at Rs 661 crore, for the quarter ended March 31.

“As we step into FY25, we look forward to improvement in clients’ spending, which fuels our optimism for a better revenue performance ahead,” said Mohit Joshi, CEO and Managing Director, Tech Mahindra.

“FY24 posed its fair share of challenges for the IT services sector; yet, amid the global economic uncertainties, we continue to observe a notable push towards digital adoption,” he added.

The company had a total headcount of 145,455 in FY24, down 795 (on-quarter).

“We are confident that our actions will lead to steady earnings growth in the coming years. We will continue to focus on operational excellence and cost savings to deliver superior shareholder returns,” said Rohit Anand, Chief Financial Officer, Tech Mahindra.

–IANS

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