Tech Mahindra Q2FY25 Results: PAT Doubles to ₹1,250 Crore Driven by Asset Sales - Read Now
Tech Mahindra Q2FY25 Results: Tech Mahindra, the leading major player in the IT services space, reported Q2 FY25 results on Thursday, which showed impressive headway even though consolidated net profit more than doubled to ₹1,250 crore, compared with ₹493.9 crore in the same quarter last year. According to a recent exchange filing, the remarkable growth was largely triggered by significant income from asset sales.
Revenue for the July-September quarter rose 3.49% to ₹13,313.2 crore from ₹12,863.9 crore in the comparable period of the previous year. Growth in revenue and net profit were also complemented by significant sale gains that comprised a net gain of ₹450.2 crore arising from the sale of freehold land and buildings aggregating ₹535 crore in cash during the quarter.
The company continues making growth in strategic improvement initiatives, even when the IT services industry remains soft, said Mohit Joshi, chief executive of IT services firm Tech Mahindra. The company is continually strengthening customer relationships and growing its ecosystem of partners. Among the efforts is Project Fortius, a three-year initiative aimed at achieving 15% operating margin through organic growth.
In addition, the company declared an interim dividend of ₹15 per equity share, which reflected strong fitness of its financials. TCV of net new deal wins stood at $603 million for the quarter. Tech Mahindra added 6,653 employees in the quarter, taking its total strength to 154,273, he underlined commitment to growth.
It would be interesting to see how these tensions play out in this turnaround phase, as Tech Mahindra was one of the stocks keen on working towards long-term sustainable transformation with skills upgradation and AI capabilities. The scrip settled at ₹1,688 on the BSE, lower by 0.68% from the previous close, while reflecting broader market sentiments.
Also Read: Q2 Results Today: HDFC Bank, RBL Bank, Kotak Mahindra Bank, and More Set to Report
