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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.
India's 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.