Tech Mahindra Q2 net profit rises 29.7% to Rs836 crore
New Delhi: India’s fifth largest IT firm Tech Mahindra Ltd on Wednesday said its consolidated net profit has increased 29.7% to Rs836.15 crore for the quarter ended 30 September. This is against a net profit of Rs644.73 crore in the July-September 2016 quarter, Tech Mahindra said in a statement.
The company’s revenue from operations was up 6.1% at Rs7,606.38 crore during the quarter as compared to Rs7,167.41 crore in the year-ago period. In dollar terms, the net profit was up nearly 34% to $129.3 million, while revenue was up 10% to $1.17 billion in the said quarter.
“Tech Mahindra has once again proved that despite the occasional headwinds, geopolitical uncertainties and changing demands, we will rise to grow,” Tech Mahindra vice chairman Vineet Nayyar said.
Tech Mahindra’s cash and cash equivalents stood at Rs5,961 crore as of September 2017. “With our DAVID (digitalisation, automation, verticalisation, innovation, disruption) strategy at play, we have posted reasonably good growth in the quarter across revenue, profit and new business,” Tech Mahindra CEO and MD CP Gurnani said.