On February 1, Tech Mahindra Ltd., a specialist in digital transformation, consulting, and business re-engineering services has announced the financial results for Q3, the quarter ended on December 31st, 2021.
The company has reported a 4.7% increase in consolidated net profit at Rs. 1,368 crore for the third quarter of the financial year 2022. Revenue from operations came in at Rs. 11,451 crore for the third quarter under review, up 19% year-on-year.
IT Major has added 3,874 people in the Q3FY22 with a total headcount of 145,067.
Like other IT companies, attrition increased to 24% from 21% in previous quarter.
The company is looking to hire 15,000 freshers from campus in the Finacial year 2022-23, up from 10,000 this financial year, due to the rise in demand for digital skills and high attrition levels.
Commenting on the financial results, CP Gurnani, Managing Director and Chief Executive Officer, Tech Mahindra, said, “Our people-first approach combined with sustained value creation this quarter reflects our commitment towards redefining possibilities and competencies in the new normal,”
“We continue to strengthen our presence, deliver broad-based profitable growth and value for our customers, backed by future-ready talent and niche digital capabilities.” Gurnani added.
Milind Kulkarni, Chief Financial Officer, Tech Mahindra, said, “We continue to transform our operations and add new capabilities enabling us to grow faster while sustaining our profitability. Our focus on operational efficiencies and investments for the future will help us drive exponential value creation in the long run.”
In the third quarter, Tech Mahindra launched FiDaaS Solution powered by Alveo to address financial services’ data management challenges. The FiDaaS Solution provides a cloud-based, Centralized Market Data Platform which offers a comprehensive solution for pricing & reference data management also covering end-to-end Financial Data Management requirements.
Also during Q3, IT major has partnered with Cogniac to provide AI-based Machine Vision Solutions for enterprises globally. This will enhance operational productivity by maximizing the value of image analytics across industries, including automotive, railway, manufacturing & government.
