Tech M News Today

FY24 marks the second ever full year decline in headcount for Tech Mahindra, which was down by 6,945. The IT company had previously reported a full-year headcount drop in FY18.

Tech Mahindra is steadily adding fresh graduates and we are continuing on our path of absorbing 1500 plus fresh graduates every quarter, said CEO Mohit Joshi.

By FY27, Tech Mahindra has set a goal to expand EBIT margin to 15 percent and have higher topline growth as compared to peer average of top six-seven IT services players.

Indias technology outsourcing industry is optimistic about revenue expansion in 2024. Tata Consultancy Services and Tech Mahindra CEOs expect growth from deal renewals, vendor consolidation, and transformation projects. The IT industry is projected to reach $253.9 billion in fiscal 2024.

While the net profit has declined on-year, it was sequentially up by 3 percent, as compared to Rs 494 crore in the September 2023 quarter.

CEO Mohit Joshi details three-track strategy to turnaround the IT services giant’s business; called old organisational structure hierarchical and siloed.

This will be a global role for Lobo, coming as a part of Tech Mahindra’s ongoing leadership restructuring under new CEO Mohit Joshi. Moneycontrol had earlier exclusively reported on this development.

Stocks to Watch on June 27, 2023: Lupin: As per reports, Lupin is considering a restructuring move to unlock value by demerging its API (active pharmaceutical ingredients) business

Stocks to watch: Shares of firms like Tata Motors, Oil Stocks, NTPC, Wipro, Lupin, Tech M, and others will be in focus on Monday's trade.

Tech Mahindra on Monday reported a 34.51 per cent year-on-year (YoY) rise in consolidated net profit at Rs 1,081.4 crore for the March quarter of the financial year 2020-21 (FY21) as against Rs 803.9 crore posted in the corresponding quarter last year. On a sequential basis, the figure was down 17.4 per cent from Rs 1,309.8 crore. The March quarter revenue stood at Rs 9,729.9 crore, up 2.5 per cent YoY and 0.85 per cent quarter-on-quarter (QoQ). The IT major had posted a revenue of Rs 9,490.2...