Tech Mahindra posts Rs 1,132.5-cr consolidated net profit in March quarter

Information technology (IT) major Tech Mahindra on Tuesday reported a consolidated net profit of Rs 1,132.5 crore for the January-March quarter, 7.32 per cent higher than the Rs 1,222 crore it posted for the same quarter a year earlier.

The company’s revenue for the quarter stood at Rs 8,892.3 crore, while its earnings before interest and tax (Ebit) margin was 15.4 per cent.

For the recently concluded quarter, analysts at IDBI Capital had forecast consolidated revenue growth of 1 per cent on a sequential (quarter-on-quarter) basis, driven mainly by a 2.5 per cent QoQ growth in the communications vertical.

“Given a strong QoQ growth rate of 4.2 per cent in Q3FY19 and a seasonal weakness in the healthcare vertical, we forecast the enterprise business to be flat QoQ. We factor in a cross-currency tailwind of nearly 50 basis points (bps),” IDBI Capital had \said in a result preview note.