Tech Mahindra Q3 net surges over three-fold to Rs 1,010 crore

IT firm Tech Mahindra posted an over three-fold jump in consolidated net profit to Rs 1,009.8 crore in the quarter ended December, on growth in telecom, financial and manufacturing sectors. The company had posted a profit of Rs 321.5 crore in the same period last year, Tech Mahindra said in a statement. Consolidated revenue grew 33.5 per cent to Rs 4,898.5 crore for the reported quarter from Rs 3,668.3 crore in the year-ago period. "Growth has come from our main verticals - telecom, manufacturing and BFSI (banking, financial services and insurance). We remain confident of the success of our differentiated offerings," Tech Mahindra Executive Vice Chairman Vineet Nayyar said. In dollars terms, revenue grew 17.2 per cent year-on-year to $791 million, while net profit was 175.7 per cent higher at $163.1 million. "Our strategy and investments are aligned with market drivers and demands. Our focus on connected solutions for digital enterprises will continue to drive this momentum," Tech Mahindra Chief Executive Officer and Managing Director C P Gurnani said. During the quarter, the firm added a net 2,165 people, taking its total headcount to 87,399. Of this, 57,601 were software professionals, 23,213 were engaged with BPO operations and 6,585 were associated with sales and support. The company had a debt of Rs 342 crore on its books as on December 31, while cash and cash equivalents stood at Rs 3,459 crore. During the December quarter, Tech Mahindra had announced its merger with Mahindra Engineering Services. Americas accounted for 46 per cent of its revenue while Europe accounted for 33 per cent and rest of the world was 21 per cent. Telecom's share of revenue was 44 per cent, followed by manufacturing (19 per cent), technology, media & entertainment (13 per cent), BFSI (11 per cent) and retail, transport & logistics (6 per cent). The company had 605 active clients at the end of December. Tech Mahindra shares rose 0.28 per cent to Rs 1,769.50 at the close on the BSE.

Tech Mahindra Q3 net surges over three-fold to Rs 1,010 crore

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