Tech Mahindra Q3 net profit up 10% to Rs943 crore
New Delhi: IT services firm Tech Mahindra on Monday reported 10.2% rise in consolidated net profit to Rs943.1 crore for the third quarter ended December 2017.
The firm had registered a net profit of Rs856 crore in the corresponding quarter of the last fiscal, Tech Mahindra said in a statement. The consolidated revenue stood at Rs7,776 crore in the quarter under review, up 2.9% from Rs7,557.5 crore in the year-ago period, as per Indian Accounting Standards. The earnings per share stood at Rs10.73 for the December quarter.
“Our focus on digital transformation, continuous reskilling of our workforce to meet the future demands of our market space is showing encouraging results,” Vineet Nayyar, vice chairman of Tech Mahindra said. He said that the results also demonstrated the company’s focus on execution, that is key in an “otherwise unpredictable macro business environment”.
On sequential basis, net profit was up 12.8% while the revenue was up 2.2%. In dollar terms, the company’s profit grew 16.5% to $147 million while revenue was up 8.3% to $1.2 billion over the year ago period. The company added 18 active clients compared to the trailing September quarter, taking the active client count to 903 at the end of December 2017.
Its total headcount was at 1,15,241 people. C.P. Gurnani, chief executive officer (CEO) and managing director (MD) of Tech Mahindra, said: “We have continued to clock steady growth in the quarter across revenue, profits and new business. Our commitment to ‘DAVID’ strategy (Digitisation, Automation, Verticalisation, Innovation, Disruption) has yielded marquee deals in the digital space”.