TechM’s Q3 net slips 4.7%

IT services firm Tech Mahindra reported a 4.7 per cent drop in its consolidated net profit for the quarter ended December 31 to ₹1,145.9 crore compared with ₹1,202.9 crore last year.

Revenues from operations, however, were up 7.9 per cent to ₹9,654.6 crore in the quarter from ₹8,943.7 crore in the corresponding period last year.

In dollar terms, the net profit was up 1.3 per cent sequentially to $160.6 million, while revenue grew 5.1 per cent to $1,353 million in the quarter under review.

“We continue to win marquee deals and are well poised to capitalise on new market opportunities with technology shifts like 5G, which continues to be a key focus area in the year ahead,” Tech Mahindra Managing Director and CEO CP Gurnani said, adding that this is a quarter of strong growth across the company’s communications and enterprise businesses.