Tech Mahindra Q2 profit declines 61% to Rs 505 crore

IT company Tech Mahindra on Wednesday posted a 61% decline in consolidated net profit at Rs 505.3 crore in the second quarter ended September. The company had registered a net profit of Rs 1,299.2 crore in the same period a year ago, according to a regulatory filing.

The IT firm has also declared an interim dividend of ₹12 per share for its shareholders.

The consolidated revenue from operations of the company declined by 2% to Rs 12,864 crore during the reported quarter from Rs 13,129.5 crore in the year-ago period.

Tech Mahindra witnessed large deals worth $640 million in the second quarter. It also claimed that the deal pipeline for the second half of FY24 (October to March) is strong.

Tech Mahindra's attrition rate has slipped to 11% in Q2FY24 from 13% in Q1FY24.


(This story will be updated)