Tech Mahindra’s Q1 net profit down 16.4% on high talent costs

Tech Mahindra’s consolidated net profit fell 16.4% year-on-year to Rs 1,132 crore in the fiscal first quarter, deeper than what analysts had estimated on higher employee and subcontracting costs.

Revenue grew 24.6% to Rs 12,708 crore, surpassing analyst estimates.

According to an ET poll of analysts, year-on-year revenue growth was expected to touch 23% while profit was expected to fall only by 10%.