IT Services Company Tech Mahindra, on July 26, Wednesday reported a consolidated net profit of Rs 693 crore for the first quarter of the current fiscal year. The net profit reported is 39%, down from its reported net profit of Rs 1,131 crore in the year-ago quarter.

The company’s operating revenue was at $1601 million, which is down by 1.9% YoY and up by 4% against its corresponding quarter.

The revenue was down by 4.2% sequentially and 0.9% YoY in Constant currency terms.

The company’s segment-wise revenue for communication, media and entertainment fell by 8% year-on-year.

The revenue from technology and manufacturing increased by 8% and 8.6%, respectively, for the quarter under review.

The new deals won in the current quarter are $359 million, which is half against the $802 million in the year-ago quarter.

Managing Director & Chief Executive Officer CP Gurnani said: “Our results this quarter reflect the uncertainty in the global economy and the IT sector. We are confident that we have the right strategy and the right team to overcome this temporary setback and deliver long term value for our customers and shareholders.”

Chief Financial Officer Rohit Anand: “This quarter was a challenging one for us as revenue growth faced strong headwinds and that had an impact on profitability. We have taken swift and decisive actions to address these issues and improve our execution.”

The company’s total headcount stood at 1,48,297, which is 4,109 down against the previous quarter.

As of June 30 2023, the company has cash and cash equivalent at Rs 7,701 crore.

At 3:30 pm, the share of Tech Mahindra closed at Rs 1,144 or 1.08% below its previous close.