<p>Bengaluru: IT services major Tech Mahindra, on Thursday, reported a 40.9% year-on-year decline in its net profit during the fourth quarter of financial year 2023-24, led by weakness in the media and communications segment. For Q4, the company reported a net profit of Rs 661 crore, missing analyst estimates.</p>.<p>However, bucking the wider industry trend, the Pune-headquartered tech major announced that it will be going to campuses in the ongoing financial year (FY25) to recruit 6,000 freshers. “We are continuing on our path of absorbing 1,500-plus fresh graduates every quarter,” Managing Director and Chief Executive Mohit Joshi said.</p>.<p>It will train over 50,000 employees on artificial intelligence during the year, Joshi said in a post-earnings analyst conference call.</p>.<p>Tech Mahindra also laid out an ambitious roadmap involving structural growth, operational and organisational changes which will help the company surpass its peers’ average topline growth by financial year 2026-27.</p>.<p>Revenue during the quarter ended March 31 registered a 6.2% annual decline to Rs 12,871 crore, alongside a 2.4% dip in the full financial year at Rs 51,996 crore. Net new deal wins during the quarter amounted to $500 million. Net profit during the full financial year saw a 51.2% fall to Rs 4,965 crore.</p>.<p>“From a sectoral perspective, our communication business declined year-on-year by 12.4% driven by macro trends and some one time revenue we saw last year,” Chief Financial Officer Rohit Anand said in the post earnings press conference.</p>.<p>The results notwithstanding, Tech Mahindra is bullish on business in FY25. “We are now very confident that Q4 marks the low point in our year-to-year growth trajectory, which means that we are confident that from Q1 onwards we will start to see improvement in our year-on-year performance,” Joshi said.</p>.<p>The company’s board has recommended a final dividend of Rs 28 per share, which once approved will take the total to Rs 40 apiece for the year. </p>.<p>In Q4FY24, headcount declined by 795 sequentially to 1,45,455. The utilisation rate stood at 86% while attrition remained unchanged at 10% quarter-on-quarter.</p>
<p>Bengaluru: IT services major Tech Mahindra, on Thursday, reported a 40.9% year-on-year decline in its net profit during the fourth quarter of financial year 2023-24, led by weakness in the media and communications segment. For Q4, the company reported a net profit of Rs 661 crore, missing analyst estimates.</p>.<p>However, bucking the wider industry trend, the Pune-headquartered tech major announced that it will be going to campuses in the ongoing financial year (FY25) to recruit 6,000 freshers. “We are continuing on our path of absorbing 1,500-plus fresh graduates every quarter,” Managing Director and Chief Executive Mohit Joshi said.</p>.<p>It will train over 50,000 employees on artificial intelligence during the year, Joshi said in a post-earnings analyst conference call.</p>.<p>Tech Mahindra also laid out an ambitious roadmap involving structural growth, operational and organisational changes which will help the company surpass its peers’ average topline growth by financial year 2026-27.</p>.<p>Revenue during the quarter ended March 31 registered a 6.2% annual decline to Rs 12,871 crore, alongside a 2.4% dip in the full financial year at Rs 51,996 crore. Net new deal wins during the quarter amounted to $500 million. Net profit during the full financial year saw a 51.2% fall to Rs 4,965 crore.</p>.<p>“From a sectoral perspective, our communication business declined year-on-year by 12.4% driven by macro trends and some one time revenue we saw last year,” Chief Financial Officer Rohit Anand said in the post earnings press conference.</p>.<p>The results notwithstanding, Tech Mahindra is bullish on business in FY25. “We are now very confident that Q4 marks the low point in our year-to-year growth trajectory, which means that we are confident that from Q1 onwards we will start to see improvement in our year-on-year performance,” Joshi said.</p>.<p>The company’s board has recommended a final dividend of Rs 28 per share, which once approved will take the total to Rs 40 apiece for the year. </p>.<p>In Q4FY24, headcount declined by 795 sequentially to 1,45,455. The utilisation rate stood at 86% while attrition remained unchanged at 10% quarter-on-quarter.</p>