Tech Mahindra Q1 consolidate profit up by Rs 1,353.2 cr

Tech Mahindra on Thursday reported 39.2 per cent rise in consolidated net profit at Rs 1,353.2 crore for June quarter 2021-22.

The IT major had registered a net profit (after minority interest) of Rs 972.3 crore in the year-ago period, it said in a statement.

Revenue stood at Rs 10,197.6 crore in the quarter under review, up 12 per cent from Rs 9,106.3 crore in the year-ago period.

Chief Financial Officer Milind Kulkarni said the company continues to build on its profitability journey and has reported the highest quarterly revenue and profit after tax this quarter.

“Delivery Excellence will be a cornerstone in improving our operational and financial metrics, as we look to capitalize on the incremental digital spends over the course of the year,” he added.

In dollar terms, net profit grew 42.2 per cent to USD 183.2 million, while revenue rose 14.6 per cent to USD 1,383.6 million from the year-ago period.

Tech Mahindra’s total headcount stood at 1,26,263, up by 5,209 employees on a sequential basis. Its cash and cash equivalent was at USD 1,818.2 million as of June 30, 2021.

“We have witnessed an all rounded performance this quarter with growth across our key markets and industry sectors,” Tech Mahindra Managing Director and CEO CP Gurnani said.

“Our focus on key technology pillars wrapped around experience-led approach with TechM Nxt. Now will help us to capitalise on the strong demand momentum,” Gurnani said.

He added that the company continues to see strong traction in large deal wins as it is helping its customers in integrated digital transformation.

https://www.thestatesman.com/business/tech-mahindra-q1-consolidate-profit-rs-1353-2-cr-1502987836.html

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