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Tech Mahindra Q4 Profit slips 17.4% to Rs 1.081 Crore

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Tech Mahindra records drop in fourth quarter net income

Software services company Tech Mahindra posted a 17.4% drop in consolidated profit to Rs 1,081.4 crore for the quarter ended March 2021 (Q4). Profit for the previous quarter was Rs 1,309.8 crore.

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Consolidated revenue for the quarter at Rs 9,729.9 crore increased 0.9% from Rs 9,647.1 crore in the December quarter.

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The company’s IT services business recorded 1% sequential revenue growth at Rs 8,673 crore, but BPO segment revenue was almost flat at Rs 1,056.9 crore in the fourth quarter of fiscal 21 compared to 1056.6 crore in the third quarter of the fiscal year21.

Life Insurance Corporation of India (LIC) had raised its stake in Tech Mahindra to 2.64% at the end of March 2021, from 2.03% previously.

READ  Tech Mahindra cuts results after fourth quarter

Tech Mahindra’s revenue in dollars grew 1.6% sequentially to $ 1,329.6 million and revenue growth was 0.7% quarterly (QoQ) in constant currencies.

“Our continued focus on cutting edge technologies broadened customer engagement with significant wins this quarter. We are seeing a strong acceleration in demand and we are committed to delivering a next-level human-centric experience of the future, ”said Managing Director General Manager CP Gurnani.

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