TechM Q4 net grows 39% to ₹1,506 crore

Bengaluru

Tech Mahindra (TechM) reported a consolidated net profit of ₹1,506 crore for the March quarter, a 39% year-on-year and 10% quarter-on-quarter growth.

The company’s fourth-quarter revenues stood at ₹12,116 crore; up 24.5% YoY and 5.8% QoQ.

For the fiscal, the tech firm posted a consolidated net profit of ₹5,566 crore, up 25.7% YoY. Revenue for the fiscal rose to ₹44,646 crore, up 17.9% YoY.

Addressing a hybrid media conference on Friday, Tech Mahindra MD & CEO C.P. Gurnani said “Tech Mahindra’s commitment towards sustainable digital transformation and investment in new-age technology stacks has resulted in one of the highest growth with large deal wins over the last 7 years.”

During Q4, the company reported new deal wins worth more than $1 billion indicating a strong demand environment, he said. Of the $3.3 billion of net new deal wins Tech Mahindra reported in 2021-22, some third of them came in the last quarter of the financial year.

“Our structural profitability continues to be robust, and we look forward to continuing our journey with a commitment to resilient capital return and operational efficiency backed by a comprehensive digital portfolio,’‘ said Milind Kulkarni, chief financial officer.

Tech Mahindra has also appointed Rohit Anand as its new CFO effective June 1. In FY22, the company hired over 10,000 freshers.