Tech Mah net up 14%, revenues flat

IT services firm Tech Mahindra on Friday reported a 14.3 per cent rise in its consolidated net profit at Rs 1,309.8 crore for the December 2020 quarter.

The Mumbai-based firm had registered a net profit (attributable to owners of the company) at Rs 1,145.9 crore in the year-ago period, Tech Mahindra said in a statement.

However, its revenue from operations was almost flat at Rs 9,647.1 crore in the quarter under review from Rs 9,654.6 crore in the yearago period, it added.

Sequentially, Tech Mahindra's net profit was up 23 per cent (from Rs 1,064.6 crore), while revenue was higher by 2.9 per cent (from Rs 9,371.8 crore in September 2020 quarter).

Earnings per share (EPS) was at Rs 14.9.

In dollar terms, the net profit was up 23.7 per cent sequentially to USD 177.7 million, while revenue grew 3.4 per cent to USD 1,308.7 million in the said quarter.

"The technology modernisation cycle continues to gather pace and our positioning of creating Experiences through Nxt. Now has seen us gain significant traction in the market place. We believe that the Future is Now and we are continuously innovating to address this shift in spending," Tech Mahindra Managing Director and Chief Executive Officer CP Gurnani said.