Sequentially, the revenue was up 3.3% and profit nearly 14%. In constant currency (CC) terms, the dollar revenue grew by nearly 3% sequentially.
Tech Mahindra’s operating profit fell 0.6% YoY to Rs 1,984 crore but rose 5.5% sequentially. Operating margin was 30 basis points higher at 15.1%.
The board has approved Rs 18 per share special dividend.
The company’s net new deal wins for the quarter was $716 million, lower than $802 million a quarter ago. The top five clients made for 19% of the total revenue in the quarter.
Similar to peers, Tech Mahindra saw attrition rate falling in the previous quarter. The 12-month trailing attrition dropped to 20% from 22% a quarter ago. Tech Mahindra’s total headcount as on September 30 stood at 163,912.
Employee cost increased 27.3% YoY and 5.3% QoQ to Rs 6,895 crore.
“While market conditions evolve and supply-side challenges continue, we will strengthen our differentiated offerings to help customers in their transformation journey through our integrated and new-age solutions,” C P Gurnani, MD and CEO was quoted as saying in the release.