Mumbai, October 19: IT and digital solutions provider Tech Mahindra on Saturday reported consolidated profit after tax (PAT) at Rs 1,250 crore in the quarter ended September 30, up 153.1 per cent year-on-year and 46.8 per cent (on-quarter). The company posted a revenue of Rs 13,313 crore in the second quarter this fiscal (FY25), up 2.4 per cent on-quarter and 3.5 per cent YoY.  Tech Mahindra reported total headcount at the end of the quarter at 154,273, up 6,653 on-quarter and 3,669 YoY Cash and cash equivalent at the end of the quarter was Rs 6,566 crore and the company declared interim dividend at Rs 15 per share.

“We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter,” said Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra. Infosys Q2 FY25 Results: IT Major Logs 4.7% Increase in Q2 Net Profit at INR 6,506 Crore.

During the quarter, Tech Mahindra announced a strategic partnership to boost generative AI (GenAI) adoption and lead digital transformation for various entities of Mahindra & Mahindra. Rohit Anand, Chief Financial Officer, Tech Mahindra, said they saw consistent performance around increasing deal wins, revenue growth, cost optimisation and steady free cashflow generation as “we continue our journey towards FY27 stated targets”. “In line with our capital allocation policy, the board has declared an interim dividend of Rs 15 per share,” he said. Bajaj Auto Share Price Drops Over 9% After 31% YoY Profit Fall in Q2.

Tech Mahindra has announced the launch of ‘TechM VerifAI’, a comprehensive solution for validating and verifying the outcomes of Artificial Intelligence (AI) and GenAI projects. Through this solution, the IT major will help enterprises validate the end-to-end lifecycle of AI-based projects, thereby, enabling them to scale their AI initiatives speedily.

(The above story first appeared on LatestLY on Oct 19, 2024 11:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).