Tech Mahindra Ltd.'s quarterly profit rose but missed estimates.
The company's net profit increased 2.2% sequentially to Rs 1,368.5 crore in the quarter ended December, according to its exchange filing. That compares with the Rs 1,454-crore consensus estimate of analysts tracked by Bloomberg.
Q3 FY22 Highlights (QoQ)
Revenue rose 5.2% to Rs 11,450.8 crore, against the estimated Rs 11,413 crore.
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Total costs increased 5.6% to Rs 9,785.8 crore.
Other income fell 21% to Rs 223.1 crore.
Ebitda up 3.3% at Rs 2,060 crore, compared with Rs 2,113-crore forecast.
Attrition stood at 24% against 21%.
In dollar terms, revenue rose 4.1% sequentially, while profit after tax increased 1.5%. Attrition also increased on an annual basis, in line with the industry trends. The company headcount rose by 3,874 to 1,45,067 in the quarter ended December.
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"The company's betting on niche digital capabilities and future-ready workforce to deliver broad-based profit growth," CP Gurnani, managing director and chief executive officer at Tech Mahindra, was quoted as saying in a statement accompanying the filings.
Tech Mahindra said it bagged several "strategic deals" in Europe, Africa, U.S. and Philippines in the three-month period. It announced partnerships with ARM 5G Solutions Lab to develop and test novel 5G technology and use cases. It has partnered Cogniac to provide AI-based machine vision solutions for global enterprises.
Its strategic activity, according to Bloomberg data, includes 12 M&A deals, one investment and another deal worth Rs 21,490 crore over the past three months.
Of the 51 analysts tracking the company, 44 rated a 'buy', five suggested a 'hold' and two recommended a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 24.3%.
Shares of Tech Mahindra closed 1.87% higher on Tuesday, compared with the S&P BSE Sensex's 1.46% gain.
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