Tech Mahindra on Tuesday reported a consolidated net profit of Rs 1,195 crore for the quarter ended September 30, a 4.7 per cent rise on a quarter-on-quarter basis that was lower than analysts’ expectations. Its revenue grew a better-than-expected 4.8 per cent sequentially to Rs 13,995 crore, exceeding Street estimates.
According to Zee Business research, Tech Mahindra was estimated to clinch a net profit of Rs 1,292 crore with the top line at Rs 13,841 crore.
The company’s revenue in constant currency — or revenue after removing the impact of forex fluctuations — declined by 0.3 per cent sequentially.
Tech Mahindra reported a 35 per cent jump in its new deal wins to $816 million.
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Tech Mahindra’s margin — a key measure of profitability — came in at 12.1 per cent for the September quarter, improving from 11.1 per cent three months ago.
Its earnings before interest and taxes (EBIT) increased 15 per cent sequentially to Rs 1699 crore, according to the filing.
Tech Mahindra dividend per share
The IT major announced an interim dividend of Rs 15 per share.
The company announced October 21 as the record date for the payout.
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Tech Mahindra management commentary
“We delivered broad-based growth this quarter, reflecting the strength of our strategy and execution,” said Mohit Joshi, CEO and Managing Director, Tech Mahindra.
“This quarter marks the eighth consecutive period of margin expansion, driven by operational efficiency and disciplined execution. Our deal TCV is up 57 per cent year-on-year on LTM basis, supported by strong deal conversions,” said Rohit Anand, Chief Financial Officer, Tech Mahindra.
Tech Mahindra attrition
Attrition at the IT firm worsened by 20 basis points to 12.8 per cent compared with the previous three months.
The rate had stood at 12.6 per cent at the end of the fiscal first quarter.
The company reported a total headcount at 1,52,714, marking a decline of 1,559 compared with the corresponding period a year ago.
Tech Mahindra share price
Earlier on Tuesday, the Tech Mahindra stock — traded on exchanges BSE and NSE with the symbol TECHM — ended 1.2 per cent higher at Rs 1,468.2 apiece on BSE in a Mumbai market where benchmark indices suffered minor losses for a second straight session.
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