BackTech Mahindra’s Q4 net up 62% to Rs614.21 crore
Revenue at `5,058.11 crore is up almost three times in the March quarter
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Mumbai: Software services exporter Tech Mahindra Ltd on Wednesday reported fourth quarter consolidated net profit a tad below analysts’ estimates, mainly due to higher tax expenses and foreign exchange loss.
In the three months ended 31 March, net profit rose 62% to ₹ 614.21 crore from a year ago. Revenue at ₹ 5,058.11 crore was up almost three times, the company said in a statement on BSE. The company, part of the Anand Mahindra group, posted a ₹ 167.02 forex exchange loss and tax expenses trebled to ₹ 209.13 crore in the March quarter.
A Bloomberg survey of 38 analysts estimated consolidated revenue at ₹ 4,996.1 crore, while 35 analysts estimated consolidated net profit at ₹ 655.7 crore for the March quarter.
Revenue rose 3.25% from the preceding quarter while net profit fell 39% over the same period.
For the January-March quarter, the rupee gained 3.19% against the US dollar.
C.P. Gurnani, managing director and chief executive officer, Tech Mahindra said, “Our result this year is a reflection of our commitment towards growth and our passion to help our customers deal with the needs of a dramatically changing world, fuelled by hyper connectivity, and decisions at the speed of thought. TechM is well tuned to these aspects of modern business and we look at this a differentiator for growth".
The company added 6,333 employees during the year, taking the total headcount for the year to 89,441.
The results were declared after market hours.
On Wednesday, Tech Mahindra gained 0.91% to close at 1,838.15 per share on BSE, while the benchmark Sensex lost 0.24% to close at 23,815.12, while the S&P BSE IT index fell 0.31% to close at 8,865.93 points.
From the beginning of the year, Tech Mahindra shares were almost flat while the Sensex gained 12.49% and the S&P BSE IT Index fell 2.38%.
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