Tech Mahindra posts lower net for FY23
Information technology player Tech Mahindra Ltd closed FY23 with its net profit lower by about 13 per cent over FY22.
Chennai, April 27,2023: Information technology player Tech Mahindra Ltd closed FY23 with its net profit lower by about 13 per cent over FY22.
According to the company, for FY23, it had earned a revenue of Rs 53,290 crore (FY22 Rs 44,646 crore) and a net profit of Rs 4,857 crore (Rs 5,630 crore).
The Board, at its meeting on Thursday, has recommended a final dividend of Rs 32 per share, taking the total dividend for FY23 to Rs 50 per share.
“As we step into FY’24, we see the increasing need for businesses to stay agile by leveraging next generation technologies. We are strongly focused on helping our customers stay competitively dominant and relevant in the era of fast evolving market conditions by helping them adapt to leaner and sustainable business model,” Managing Director & Chief Executive Officer C.P. Gurnani said.
“Our strategy of prudence and operational excellence helped us through the uncertainties of FY’23. We continue to return cash to shareholders through a consistent dividend policy. We move into the next fiscal, with sharper focus on productivity improvements, cash & value creation for our stakeholders,” Chief Financial Officer Rohit Anand added.