IT giant Tech Mahindra on Monday reported a 16.4 percent year-on-year (YoY) decline in net profit at Rs 1,131.6 crore for the first quarter that ended on June 30, 2022

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In the corresponding quarter last year, the company had posted a net profit of Rs 1,506 crore. A CNBC-TV18 poll had predicted a profit of Rs 1,200 crore for the quarter under review.

The rupee revenue stood at Rs 12,707.9 crore during the period under review, up 4.9 percent as against Rs 12,116.3 crore in the March quarter.

The company's earnings before tax (EBIT) declined 12.5 percent quarter-on-quarter to Rs 1,403.4 crore, from Rs 1,604.2 crore, according to the regulatory exchange filing by the company to the stock exchanges. EBIT margin stood at 11 percent in the June quarter compared with 13.2 percent in the March quarter.

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In dollar terms, Tech Mahindra's revenue stood at $1,632 million in June 2022 quarter, a rise of 1.49 percent quarter-on-quarter. The constant currency revenue growth stood at 3.5 percent quarter-on-quarter compared with 2.5-3 percent in the March quarter.

The company added 6,862 employees during the quarter to take its total headcount to 1.58 lakh. "We remain resilient and watchful given the dynamic global macroeconomic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings," chief executive and managing director CP Gurnani said.

The results came after the close of the market hours. Shares of Tech Mahindra ended at Rs 1,016.55, down by Rs 11.80, or 1.15 percent, on the Bombay Stock Exchange.

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First Published:Jul 25, 2022 5:14 PM IST