Tech Mahindra records fall in fourth quarter net profit
Software services company Tech Mahindra recorded a 17.4% slide in consolidated profit which stood at Rs 1,081.4 crore for the quarter ended March 2021 (Q4). The profit in the previous quarter was at Rs 1,309.8 crore.
Consolidated revenue for the quarter at Rs 9,729.9 crore grew by 0.9 per cent over Rs 9,647.1 crore in December quarter.
The company’s IT services business registered a 1% sequential growth in revenue at Rs 8,673 crore, but the BPO segment revenue was almost flat at Rs 1,056.9 crore in Q4 of FY21 against Rs 1,056.6 crore in Q3 of FY21.
Life Insurance Corporation of India (LIC) had raised its stake in Tech Mahindra to 2.64% at the end of March 2021, from its earlier share of 2.03%.
Tech Mahindra’s revenue in dollar terms grew by 1.6% sequentially to $1,329.6 million and the revenue growth stood at 0.7 percent quarter on quarter (QoQ) in constant currency terms.
“Our continued focus on cutting-edge technologies has expanded client engagement with large deal wins this quarter. We are witnessing a strong demand acceleration and are committed towards delivering a next-level human-centered experience of the future,” said Managing Director & Chief Executive Officer C P Gurnani.