Tech Mahindra plans to hire from campuses this financial year. In fact, it intends to add 6,000 freshers to its workforce in FY25. It has been absorbing over 1,500 graduates every quarter. It will be imparting artificial intelligence or AI-related training to more than 50,000 employees.
The ongoing financial year will also see the company focusing on structural growth, as well as changes, both within the organisation and its operations. The objective is to get ahead of competition in terms of average topline growth by FY2026-27.
As on 31 March, the revenue for the quarter had dropped by 6.2 per cent, to Rs 12,871 crore. For the full financial year, the drop was 2.4 per cent, at Rs 51,996 crore. It reported a net profit of Rs 661 crore.
The company did close deals worth $500 million. The net profit for the year dropped 51.2 per cent to Rs 4,965 crore.
However, even though the fourth quarter numbers were below expectation, the company is confident that starting Q1, there will be a marked improvement in performance year-on-year.
The attrition rate in Q4 was the same as that of the same time last year, that is, 10 per cent. The utilisation rate was 86 per cent.
Mohit Joshi, CEO, Tech Mahindra and Rohit Anad, CFO, Tech Mahindra, announced the results for FY24 recently.
