TechM posts 29% decline in profit in Q4

Tech Mahindra posted a drop in quarterly profits as Covid-19 impacted its business and said that it is expecting headwinds going forward.

For the March-ended quarter, Tech Mahindra posted Rs 803 crore in net profits, a 29 per cent dip compared to Rs 1,132 crore posted in the same period last year. On a sequential basis, profits went down by 30 per cent to Rs 1,145 crore posted in the December-ended 2019 quarter.

For the whole year too profits were down. In FY 2020, profits were Rs 4,033 crore, a reduction of 6.1 per cent.

Tech Mahindra does not give any guidance but said that CP Gurnani, MD and CEO said that turbulence and uncertainty are parts of our lives.