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Tech Mahindra's Q2FY24 Financial Performance Review

Oct 25, 2023

By: BlinkX Research Team

In this financial performance review, we delve into the results of Tech Mahindra for the second quarter of fiscal year 2024 and analyze key metrics, including revenue, expenses, net profit, and margin.

REVENUE: 
The company reported a total income of ₹13,128 crores for Q2FY24, with a slight decrease of -1.66% quarter-on-quarter and -2.17% year-on-year.

EXPENSES: 
They also recorded expenses amounting to ₹12,504 crores in Q2FY24, representing a moderate 0.94% increase compared to previous quarter. The expenses showed a further increase when compared year-on-year.

NET PROFIT: 
The net profit of the Company for Q2FY24 was ₹505.3 crores, signifying a significant decline of -28.18% compared to the preceding quarter. Year-on-year, this decrease was even more pronounced, with a substantial -61.11% drop.

MARGINS: Tech Mahindra's margin in Q2FY24 was 3.85%. This figure indicates a 1.42% reduction compared to the previous quarter. Year-on-year, the margin experienced a notable decline of -5.83% from the margin of 9.68% in the corresponding quarter of the previous fiscal year.

In conclusion, Tech Mahindra's financial performance in Q2FY24 reflects a challenging quarter with a significant decrease in net profit and margin. This decline may be attributed to various factors, such as poor deal wins and high attrition rates. Further analysis is required to address and potentially reverse these trends.

Stay tuned for more detailed updates on Tech Mahindra's financial performance in the coming quarters.