Tech Mahindra Q4 profit doubles, beats estimate
Tech Mahindra’s net profit rose to Rs1,222 crore in the three months ended 31 March, from Rs588 crore a year earlier
Bengaluru: Tech Mahindra Ltd posted a quarterly profit on Friday that handily beat analysts’ estimates, boosted by a rise in deal wins and the rupee’s weakness against the US dollar.
The software services exporter saw a rise of 8.3% in the number of active clients, and strong growth in deal wins in the $5 million and $10 million client categories.
Gains from foreign exchange rose nearly 8% to Rs174 crore ($25.66 million) in the fourth quarter ended 31 March, Tech Mahindra said.
Net profit more than doubled to Rs1,222 crore, beating analysts’ average estimate of Rs934 crore, according to Thomson Reuters data.
Revenue from operations rose 7.5% to Rs8,055 crore.
Bigger rivals Infosys Ltd and Wipro have raised concerns over the outlook for the current year, while Tata Consultancy Services Ltd, the country’s top software services exporter, seems upbeat.
Tech Mahindra said it appointed Manoj Bhat as the chief financial officer. Current CFO Milind Kulkarni is retiring at the end of May.
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