Tech Mahindra’s Q3 profit up 14% to Rs856 crore
Tech Mahindra’s third quarter net profit rose 14% to Rs856 crore from Rs751.3 crore in the corresponding period last year
New Delhi: Tech Mahindra on Monday posted about 14% jump in consolidated net profit to Rs856 crore for the third quarter ended December, 2016-17.
It had posted net profit of Rs751.3 crore in the October- December period of last fiscal, 2015-16. Its income from operations (net) increased by 12.7% to Rs7,557.5 crore in the reported quarter, from Rs6,701.1 crore in the year-ago period, according to the company’s BSE filing.
“The strong deal wins and business momentum during the quarter reaffirm that we are on the right track to capitalise on the opportunities from the global digital transformation and see measurable benefits from that,” Tech Mahindra vice chairman Vineet Nayyar said.
In dollar terms, Tech Mahindra’s net profit was up 11.4% to $126.3 million, while revenue was up 10% to $1,116.1 million in the said quarter. In constant currency terms, the revenue growth was at 12% year-on-year and 5.4% sequentially.
Its IT revenue during the said quarter stood at Rs7,031.16 crore, while that from BPO was at Rs526.31 crore. Americas accounted for 46.7% of its revenues, while Europe and Rest of the World accounted for 29.4% and 23.9%, respectively. Its total headcount was at 1,17,095 at the end of December 2016 quarter with 80,858 software professionals.
It added 4,209 professionals in the said quarter. Attrition (on last 12 month basis) was at 18%. Cash and cash equivalents stood at Rs4,951 crore with the addition of cash of Rs950 crore during the quarter. Its active client count stood at 837 in the third quarter and added 12 active clients quarter-on-quarter.
The company has announced that Jayararnan G, its company secretary and chief compliance officer, will retire at the close of business hours on 31 March 2017. It added that Anil Khatri will succeed him with effect from 1 April 2017.