Tech Mahindra Q2 net profit up 29.7 pct to Rs 836 crore

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New Delhi | Published: November 1, 2017 4:19:42 PM

Country's fifth largest IT firm Tech Mahindra today said its consolidated net profit has increased 29.7 per cent to Rs 836.15 crore for the quarter ended September.

Tech Mahindra, Tech Mahindra Q2 net profit, Tech Mahindra Vice Chairman Vineet Nayyar Tech Mahindra’s cash and cash equivalents stood at Rs 5,961 crore as of September 2017. (Reuters)

Country’s fifth largest IT firm Tech Mahindra today said its consolidated net profit has increased 29.7 per cent to Rs 836.15 crore for the quarter ended September.

This is against a net profit of Rs 644.73 crore in the July-September 2016 quarter, Tech Mahindra said in a statement.

The company’s revenue from operations was up 6.1 per cent at Rs 7,606.38 crore during the quarter under review as compared to Rs 7,167.41 crore in the year-ago period.

In dollar terms, the net profit was up nearly 34 per cent to USD 129.3 million, while revenue was up 10 per cent to USD 1.17 billion in the said quarter.

“Tech Mahindra has once again proved that despite the occasional headwinds, geopolitical uncertainties and changing demands, we will rise to grow,” Tech Mahindra Vice Chairman Vineet Nayyar said.

The company’s total headcount stood at 1.17 lakh with software accounting for 75,587 professionals and BPO business had 35,287 people.

Tech Mahindra’s cash and cash equivalents stood at Rs 5,961 crore as of September 2017.

“With our DAVID (Digitalisation, Automation, Verticalisation, Innovation, Disruption) strategy at play, we have posted reasonably good growth in the quarter across revenue, profit and new business,” Tech Mahindra CEO and MD CP Gurnani said.

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