1. Tech Mahindra Q1 net profit down 9.54 per cent QoQ at Rs 796.54 cr

Tech Mahindra Q1 net profit down 9.54 per cent QoQ at Rs 796.54 cr

Tech Mahindra Q1 results: The company posted 9.54 per cent fall in consolidated net profit at Rs 796.54 crore for the quarter ended June 30, 2016 against Rs 880.59 crore in the sequential quarter ended March 31, 2016.

By: | Updated: August 1, 2016 4:09 PM
Tech Mahindra Q1 results Tech Mahindra Q1 results: The company posted 9.54 per cent fall in consolidated net profit at Rs 796.54 crore for the quarter ended June 30, 2016 against Rs 880.59 crore in the sequential quarter ended March 31, 2016.

Tech Mahindra reported 9.54 per cent fall in consolidated net profit at Rs 796.54 crore for the quarter ended June 30, 2016 against Rs 880.59 crore in the sequential quarter ended March 31, 2016, citing Brexit and visa cost as having an impact on the numbers. The company had reported net profit of Rs 622.44 crore in the corresponding quarter a year ago.

Tech Mahindra vice chairman Vineet Nayyar while announcing the results said, ” Brexit was the most destabilising factor for the company.”

However, revenue of the company jumped marginally by 0.54 per cent to Rs 6,920.93 crore in the quarter under review against Rs 6883.73 crore in the sequential quarter ended March 31, 2016.

For April-June period, total expenses of the company jumped to Rs 6,093.66 crore from Rs 5,950.10 crore Jan-March 2016.

Cash and cash equivalent of Tech Mahindra stood at Rs 5747 crore as of June 30, 2016.

In a release, CP Gurnani, managing director and chief executive officer, Tech Mahindra said, “Our business has done well on several parameters like large client growth, digital wins and strong cash flows. Automation and Delivery Excellence are two key focus areas for the year going forward.”

Share price of the company ended 0.62 per cent up at Rs 489.70.

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