Tech Mahindra Q2 earnings: Net profit declines 61% to ₹505 crore
Tech Mahindra reported a 61.1 percent year-on-year (YoY) fall in Q2FY24 consolidated net profit at ₹505.3 crore versus ₹1,299.2 crore. Its consolidated revenue from operations during the first quarter of the current fiscal stood at ₹13,159 crore, reporting a rise of 3.5 percent, compared to ₹12,707 crore in the year-ago period.
Sequentially, the net profit was also down 28.18 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 from ₹1,880 crore in the corresponding quarter last year.
On a quarter-on-quarter (QoQ) basis, the revenue for operations was down 2.20 percent. It also announced an interim dividend of ₹12 per equity share of face value of ₹5 each.
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