Tech Mahindra Q1 Results: Headcount plunges 9% by 4,103 in June quarter

livemint.com:

Tech Mahindra announced the June quarter results on Wednesday and reported a 13 percent IT attrition rate for Q1FY24, a 9 percent increase from 22 percent in the corresponding quarter of last year. The total headcount of staff -- including software and professionals, BPO professionals, and sales and support -- stood at 1,48,297 for the quarter ended 30 June, 2023, down 4,103 quarter-on-quarter. This was a 2.7 decline QoQ and 6.2 percent YoY.

ALSO READ: Tech Mahindra Q1 Results: Profit, EBITDA to deal wins - five key takeaways from IT major's earnings On a QoQ basis, the attrition rate dropped to 13 percent from 15 percent and since the first quarter of fiscal year 2023, the IT major has been seeing a drop in attrition rate. The firm's CEO and MD said the company focuses on building generative AI talent and has trained around 8,000 associates. Meanwhile, the firm registered a decline of 38 percent in consolidated net profit at ₹692.5 crore, compared to ₹1,131 crore in the year-ago period.

Compared to ₹12,707 crore in the year-ago period, the IT major's consolidated revenue from operations during the first quarter of the current fiscal stood at ₹13,159 crore, reporting a rise of 3.5 percent. On the operating front, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) in the June quarter declined 28.8 percent year-on-year to ₹1,338 crore, while earnings per share (EPS) stood at ₹7.82. As of June 2023, Tech Mahindra's has cash and cash equivalent at ₹7,701 crore.