Tech Mahindra announced its June quarter results on Thursday after the market close. The IT major reported a net profit of ₹851.5 crore, up by 22.96% from ₹692.48 crore in the previous year. Sequentially, the net profit rose 28.81% from ₹661 crore in the March quarter. Revenue from operations slipped 1.16% to ₹13,005.5 crore from ₹13,159 crore in the previous year, though it was higher than the ₹12,871.3 crore in March.Â
The company’s EBIT margin increased to 8.5% from 6.8% in the previous year and from 7.4% in the March quarter. The results fell short of analyst estimates of ₹876.02 crore in profit, while revenue was in line with the estimate of ₹12,961.5 crore.Â
In its press release, Tech Mahindra announced it won deals worth $534 million (around ₹4,471 crore) in the quarter. The company’s total headcount decreased to 147,620 from 148,297 in the previous year.Â
Shares of Tech Mahindra rose 0.44% to close at ₹1,540 ahead of the results announcement on Thursday. After the earnings were released, the stock ended flat at ₹1,530.10, down from the previous close of ₹1,534.40 on BSE. The firm’s market cap fell to ₹1.49 lakh crore.Â
EBITDA rose 17% year-on-year to ₹1,564 crore, with margins at 12.0%, up 110 basis points quarter-on-quarter and 190 basis points year-on-year. In dollar terms, revenue was $1,559 million, up 0.7% quarter-on-quarter but down 2.6% year-on-year. Revenue declined 1.2% year-on-year in constant currency terms. EBITDA climbed to $188 million, up 10.8% quarter-on-quarter. Earnings per share were ₹9.62 in Q1, compared to ₹7.84 per share in Q1 of the previous fiscal year.Â
Read More: Click Here
