Tech Mahindra Q2 results reported a consolidated net profit of ₹1,250 crore for the second quarter ended September 30, 2024, marking an impressive 153% year-on-year (YoY) growth. Revenues for the period grew modestly by 3.5%, reaching ₹13,313 crore, indicating steady performance despite challenging market conditions.
The company’s total headcount at the end of Q2 was 154,273, reflecting a rise of 3,669 employees YoY. The Last 12 Months (LTM) IT attrition rate stood at 10.6%, showcasing improved retention rates in a competitive talent landscape. Cash and cash equivalents were reported at ₹6,566 crore.
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Tech Mahindra Dividend Record Date: Tech Mahindra’s board declared a ₹15 per share interim dividend, with November 1 set as the record date. CEO Mohit Joshi highlighted the strategic efforts and operational focus through project Fortius, driving margin expansion for the third straight quarter in a challenging IT sector.
Joshi highlighted Tech Mahindra’s focus on strengthening client relationships and expanding its partner ecosystem, which has played a crucial role in the company’s continued progress despite industry challenges. The firm is committed to operational excellence and margin growth.
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Rohit Anand, CFO of Tech Mahindra, noted the company’s consistent performance in terms of deal wins, revenue growth, cost optimization, and free cashflow generation, all of which align with its long-term FY27 targets. The company remains focused on maintaining its positive momentum in the coming quarters.
