Tech Mahindra Q3 Results: Profit Beats Highest Estimate On Deal Wins

Tech Mahindra Ltd.’s third-quarter profit beat estimates on higher deal wins.

WATCH | Tech Mahindra Management Reviews Q3 Performance.

The Mumbai-based software services firm won deals worth $1.23 billion in the quarter ended December. That came after it struck record deals worth $1.49 billion in the preceding three-month period, including a multi-year agreement with the U.S. telecom giant AT&T Inc. for network transformation and migrating to the cloud.

“This is a quarter of strong growth across our communications and enterprise businesses,” CP Gurnani, managing director and chief executive officer at Tech Mahindra, said in a statement. “We continue to win marquee deals and are well poised to capitalise on new market opportunities with technology shifts like 5G, which continues to be a key focus area in the year ahead.”

Shares of Tech Mahindra closed 1.1 percent higher compared with a 0.61 percent fall in the benchmark Nifty 50 index.