Tech Mahindra net profit for the October-December quarter came at Rs 1296.6 crore down 5.3 percent as compared to Rs 1368.5 crore in the corresponding period a year ago. A CNBC-TV18 poll has estimated the profit to be at Rs 1294 crore.

The revenue from operations for the quarter stood at Rs 13,734.6 crore up 20 percent from the corresponding period a year ago and up 4.6 percent from the previous quarter.

Tech Mahindra’s EBITDA (earnings before interest, tax, depreciation and amortisation) came at Rs 2,144 crore increasing 8.1 percent on a sequential basis and 4.1 percent from the quarter ended December 31, 2021.

“We are witnessing moderation in growth given the tough macro economic environment. We will continue to work with our customers to pre-empt their technological requirements and identity, new demand drivers, especially for digital services.”

Tech Mahindra’s total headcount at the end of the quarter stood at 157,068 declining 4.2 percent from the previous quarter. Attrition came down to 17 percent from 20 percent in the previous quarter and 24 percent in corresponding period a year ago.

Also read: Jobs 2023: Non-tech, 5G-fuelled telecom to dominate hiring

In comparison, its competitor Infosys attrition came down to 24.3 percent from 27.10 percent in the July to September quarter. HCL Tech’s attrition rate eased to 21.7 percent. Attrition rate at TCS slowed down marginally to 21.3 percent while for Wipro’s attrition rate moderated to 21.2 percent after at least four quarters.

Shares of Tech Mahindra closed at Rs 1036, up 0.5 percent from the previous close on the BSE.

Also read: Wipro total headcount down by 435 employees and attrition eases to 21.2% in Q3

First Published:Jan 30, 2023 4:40 PM IST