Tech Mahindra Q4 Profit At Rs 1,222 Crore, Tops Estimates
Tech Mahindra Ltd posted a quarterly profit on Friday that handily beat analysts' estimates, boosted by a rise in deal wins and the rupee's weakness against the US dollar.
The software services exporter saw a rise of 8.3 per cent in the number of active clients, and strong growth in deal wins in the $5 million and $10 million client categories.
Gains from foreign exchange rose nearly 8 per cent to Rs 174 crore ($25.66 million) in the fourth quarter ended March 31, Tech Mahindra said.
Net profit more than doubled to Rs 1,222 crore, beating analysts' average estimate of Rs 934 crore, according to Thomson Reuters data.
Revenue from operations rose 7.5 per cent to Rs 8,055 crore.
Bigger rivals Infosys Ltd and Wipro have raised concerns over the outlook for the current year, while Tata Consultancy Services Ltd, the country's top software services exporter, seems upbeat.
Tech Mahindra said it appointed Manoj Bhat as the chief financial officer. Current CFO Milind Kulkarni is retiring at the end of May.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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