Revenue at IT services firm Tech Mahindra Ltd. rose 3.5% year over year as measured in US dollars and in constant currency in its fiscal first quarter ended June 30. On a reported basis, not constant currency, revenue rose 18.0%. However, profit after tax fell.
As measured in Indian rupees, revenue rose 24.6% in the first quarter.
“We remain resilient and watchful given the dynamic global macro-economic environment and will continue to invest in new and emerging technologies to deliver differentiated offerings,” said CP Gurnani, managing director and CEO of Tech Mahindra.
| (INR millions) | Q1 2023 | Q1 2022 | % change | Q1 2023 (USD millions) |
| Revenue | 127,079 | 101,976 | 24.6% | 1,632 |
| Gross profit | 35,918 | 32,294 | 11.2% | 455 |
| Gross margin | 28.3% | 31.7% | ||
| Profit after tax | 11,316 | 13,532 | -16.4% | 143 |
Profit after tax fell 22.0% year over year as measured in US dollars.
Headcount at the company rose by 6,862 from the previous quarter to a total of 158,035.
Share price and market cap
Shares in Tech Mahindra closed down 1.11% today in India to 1,017.25 Indian rupees (US$12.72); shares were 7.79% above their 52-week low, according to FT.com. The company had a market cap of 1.00 trillion Indian rupees (US$12.50 billion).