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Tech Mahindra Q3: The company reported 14.3 per cent rise in net profit at ₹1,309.8 crore
Tech Mahindra Q3 Results: Tech Mahindra on Friday, January 29, reported a 14.3 per cent rise in its consolidated net profit at ₹1,309.8 crore for the third quarter of the current financial year. The Mumbai-based IT services firm had registered a net profit at ₹1,145.9 crore in the year-ago period. However, the revenue from operations was almost flat at ₹9,647.1 crore in the quarter under review from ₹9,654.6 crore in the year-ago period, said Tech Mahindra in a statement. The company’s earnings per share were at Rs 14.9. Sequentially, Tech Mahindra’s net profit surged 23 per cent, from ₹1,064.6 crore, while the revenue was higher by 2.9 per cent, from ₹9,371.8 crore in the second quarter of the current financial year.
In dollar terms, the net profit was up 23.7 per cent sequentially to $ 177.7 million, while revenue grew 3.4 per cent to $ 1,308.7 million in the October-December quarter. “The technology modernisation cycle continues to gather pace and our positioning of creating Experiences through Nxt. Now has seen us gain significant traction in the market place. We believe that the Future is Now and we are continuously innovating to address this shift in spending,” Tech Mahindra Managing Director and Chief Executive Officer CP Gurnani said.
Manoj Bhat, Chief Financial Officer at Tech Mahindra, said that the company’s focus on operational excellence has yielded results as it structurally changed its delivery model. “We are seeing consistent improvement in our operating metrics and we are confident of continuing on this transformation journey in the coming quarters,” he said.
At 4:00 pm on Friday, January 29, shares of Tech Mahindra settled 2.13 per cent lower at Rs 961.65 apiece on the BSE.
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