Tech Mahindra total headcount down 4,668, attrition eases to 15%

IT major Tech Mahindra Ltd has announced its financial results for the third quarter ending March 31, 2022 (Q4FY23) period. During Q4, the company witnessed moderation in its attrition rate for four consecutive quarter. However, Wipro has reduced its employees headcount in the quarter.

The company’s total headcount stood at 152,400. Tech Mahindra employee headcount declined by 4,668 in January to March 2023 quarter. In the December quarter, the employee headcount stood at 157,068.

Tech Mahindra’s attrition rate stood at 15 per cent Q4FY23 down from 17 per cent in Q3FY23. The rate was also down from 24 percent in the year-ago quarter.

The firm has been seeing a drop in attrition rate since the first quarter of FY23 after a steady increase in the five quarters before that.

Tech Mahindra reported a consolidated net profit of 1,125 crore for the quarter March 2023, down 27 percent from 1,545 crore it reported a year ago.

Revenue from operations came in at 13,718.2 crore, flat on a sequential basis and up 13 percent year-on-year.

Tech Mahindra’s profitability took a hit owing to higher expenses and cut in clients spending due to challenging macro conditions.

Further, consolidated EBITDA stood at 2,021 crore — recording a drop of 5.7% QoQ, and 3.2% YoY. In dollar terms, revenue stood at $1,668 million flat QoQ but up 3.7% YoY. Revenue growth at 0.3% QoQ in constant currency terms.

Tech Mahindra on Thursday has recommended a final dividend of 32 per equity share of face value of 5, i.e., 640 per cent.

The final dividend is addition to the special dividend of 18 per share paid as interim dividend in November, 2022. The total dividend for FY 22-23 will be 50 per share on par value of 5 each i.e. 1000 per cent.

On Thursday, the company’s scrip ended 0.80 per cent up at 1,004.20 on BSE.

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