Revenue from operations fell marginally to Rs 13,718.2 crore in Q4 FY23 as against Rs 13,734.6 crore recorded in Q3 FY23.

On a year on year (YoY) basis, Tech Mahindra's net profit tumbled 25.77% while revenue jumped 13.22% in Q4 FY23.

EBITDA stood at Rs 2,020.5 crore in the quarter ended 31 March 2023, registering a decline of 5.8% QoQ and 3.2% YoY. EBITDA margin reduced to 14.7% in Q4 FY23 as compared to 15.6% in Q3 FY23 and 17.2% in Q4 FY22.

In terms of dollars (USD), revenue stood at $1,667.6 million in Q4 FY23, QoQ flat and up 3.7% YoY. Revenue growth was at 0.3% QoQ and 6.3% YoY in constant currency terms. EBITDA was at $245.4 million, down 5.7% QoQ and down 11% YoY. EBITDA margin stood at 14.7%, down 90bps QoQ. Profit after tax was at $136 million, down 13.7% QoQ, down 31.6% YoY. Free cash flow was at $142 million, conversion to PAT at 104%.

The IT firm secured net new deals worth $592 million in Q4 FY23 as against $ 795 million in Q3 FY23 and $1,011 million reported in Q4 FY22.

Total headcount was at 152,400, down 4,668 QoQ. The last twelve month (LTM) IT attrition rate reduced to 15% in Q4 FY23 from 17% in Q3 FY23 and 24% in Q4 FY22.

Cash and cash equivalent stood at Rs 7,435.1 crore as of 31 March 2023, compared with Rs 6,449.4 crore as of 31 December 2022 and Rs 8,645.5 crore as of 31 March 2022.

On a full year basis, the company's consolidated net profit declined 13.2% to Rs 4,831.3 crore despite of 19.36% rise in revenue to Rs 53,290.2 crore in FY23 over FY22.

CP Gurnani, managing director & chief executive officer, Tech Mahindra, said, “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 models.”

Rohit Anand, Chief Financial Officer, Tech Mahindra, 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.”

Meanwhile, the firm's board has recommended a final dividend of Rs 32 per equity share for the financial year ended 31 March, 2023, subject to the approval of members of the company at the forthcoming annual general meeting. The final dividend, if approved, will be paid by 11 August 2023.

Tech Mahindra is focused on leveraging next-generation technologies including 5G, blockchain, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.

Shares of Tech Mahindra gained 0.80% to settle at Rs 1,004.20 on the BSE.