Tech Mahindra Q1 net profit zooms 6.5% to Rs799 crore
Tech Mahindra's first quarter profit of Rs799 crore is against a net profit of Rs749.3 crore in the year-ago period
New Delhi: IT firm Tech Mahindra on Monday reported 6.5% rise in net profit at Rs798.6 crore for the quarter ended 30 June.
This is against a net profit of Rs 749.3 crore in the year-ago period, Tech Mahindra said in a statement. Revenues of the fifth largest software exporter grew 6% to Rs7,336.1 crore in the reported quarter as against Rs6,920.9 crore in the corresponding quarter last year. In dollar terms, the company's net profit was up 11.2% to $123.8 million, while revenues grew 10.3% to $1.13 billion in April-June 2017 quarter from the year- ago period.
"Our June quarter performance reflects that we are moving in the right direction. We continue to realign and reshape our business in line with the market demands," Tech Mahindra vice chairman Vineet Nayyar said.
CEO and managing directors CP Gurnani said despite all the headwinds in a seasonally weak quarter, the company's digital business grew ahead of expectations.
- Biocon receives EIR from USFDA for its Bengaluru facility producing sterile
- Infosys to now focus on relentless execution, stability concerns addressed: Nandan Nilekani
- McDonald’s adopts eco-friendly cutlery in West and South India
- US investors seek Chanda Kochhar’s ouster from ICICI Bank
- LIC seeks govt nod to buy controlling stake in IDBI Bank