Tech Mahindra Reports Profit Of Rs 959 Crore In June Quarter

Tech Mahindra on Tuesday reported a net profit of Rs 959.3 crore in the quarter ended June 30. According to a regulatory filing by the company after market hours, its net profit fell 15.29 per cent compared to the previous quarter. The IT company had reported a net profit of Rs 1,132.5 crore in the quarter ended March 31. Its revenue from operations was at Rs 8,653 crore in the April-June period, marking a decline of 2.69 per cent compared with the previous quarter.

The company said its revenue in dollar terms stood at $1,247.1 million in the first quarter of the current financial year, up 1.9 per cent compared to the corresponding period a year ago.

Tech Mahindra said its revenue growth came in at 3.7 per cent in constant currency terms. 

“We are very encouraged to see TCV (total contract value) deal wins worth close to half a billion dollars across enterprise and communications. We remain optimistic on the demand environment, evident from a very strong pipeline and deal conversions," said CP Gurnani, managing director and CEO, Tech Mahindra.

The company said its digital revenues in dollar terms grew 37.4 per cent on a year-on-year basis. 

"Digital will continue to be a primary growth driver underscoring our collaborative approach through TechMNxt platform," Mr Gurnani said. 

The company's total expenses stood at Rs 7,705.6 crore in the three-month period ended June 30, up 2.03 per cent compared to the previous quarter.

Tech Mahindra shares ended 0.93 per cent lower at Rs 640.30 apiece on the BSE, in line with a 0.77 per cent fall in the benchmark Sensex index.