Tech Mahindra Q2 net profit drops 5% YoY to Rs 1,065 crore

Tech Mahindra on Friday reported a 5.27 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 1,064.6 crore for the quarter ended September 2020 (Q2FY21). The IT services company had posted a profit of Rs 1,123.9 crore in the year-ago period.

On a sequential basis, the numbers grew 9.49 per cent.

The company’s revenue for the quarter came in at Rs 9,371.8 crore, up 3.3 per cent YoY and 2.9 per cent QoQ. In US dollar terms, revenue stood at $1,265.4 million, up 4.8 per cent QoQ and down 1.7 per cent YoY. In constant currency, revenue grew 2.9 per cent QoQ.

The company also declared a special dividend of Rs 15 per equity share of Rs 5 each. The dividend shall be paid on Thursday, November, 12, 2020 while November 2, 2020 has been fixed as the record date for the same.