Tech Mahindra has experienced a challenging financial year for 2023-24, with a noteworthy decrease in both net profit and revenue. In Q4FY24, the company reported a consolidated net profit of Rs 661 crore, indicating a substantial decline of 40.86% compared to the same period in the previous year. However, there was a sequential improvement as the net profit increased by 29.5% from the last quarter.
The company's revenue from operations showed a decline in both the quarterly and yearly comparisons. In Q4, the revenue dropped by 6.17% to Rs 12,871 crore, while on a year-on-year basis, the revenue for operations stood at Rs 13,101 crore. For the entire financial year, Tech Mahindra reported a decline of 51.19% in net profit, amounting to Rs 2,357.8 crore compared to the previous financial year. Similarly, the revenue from operations for FY24 decreased by 2.42% to Rs 51,996 crore.
Tech Mahindra's total income also experienced a decrease, with a 2.47% drop to Rs 52,912 crore for FY24 in comparison to FY23 figures. Despite the financial challenges, the company announced an interim dividend of Rs 28 per share, aiming to provide returns to its shareholders. Following the announcement of its Q4FY24 financial results, the company's shares closed trading at Rs 1,190.10, reflecting investor sentiment towards the reported numbers.