- By PTI
- Thu, 25 Apr 2024 04:44 PM (IST)
- Source:PTI
IT services company Tech Mahindra on Thursday reported about 41 percent year-on-year fall in its consolidated net profit to Rs 661 crore for the quarter that ended March 2024. The net profit in the year-ago period was Rs 1,117.7 crore. For Q4FY24, Tech Mahindra's revenue dropped by 6.2 percent to Rs 12,871 crore.
During the full fiscal FY24, the consolidated net profit tanked 51.2 percent year-on-year to Rs 2,358 crore. The revenue during FY24 at Rs 51,996 crore, translated to a decline of 2.4 percent over the previous fiscal. Tech Mahindra CEO Mohit Joshi said, "As we step into FY25, we look forward to improvement in clients' spending, which fuels our optimism for a better revenue performance ahead."
Also read: Stock Market Continues Winning Streak, Sensex Ends Up 486 Points, Nifty 50 Closes Above 22,550
He said that FY24 posed its fair share of challenges for the IT services sector.
"...yet, amidst the global economic uncertainties, we continue to observe a notable push towards digital adoption," Joshi said.
The company's total headcount stood at 1,45,455 in Q4FY24, down 795 on a sequential basis. The board recommended a final dividend of Rs 28 per equity share (face value of Rs 5 each) for the financial year ending March 31, 2024.
The Final Dividend, if approved, will be paid on or before, August 9, 2024. This dividend is in addition to an interim dividend of Rs 12 per equity share paid by the company in November 2023.
"The total dividend for FY 2023-24 will be Rs 40 per equity share on the par value of Rs 5 each that is 800 percent," the company said in a BSE filing.
Disclaimer: This story has been directly published from the agency feed. No changes have been made.
Also read: Zomato May Soon Charge Extra For Faster Food Delivery; Details