Tech Mahindra Q2 profit falls 5% to Rs 1,065 cr

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October 23, 2020 5:39 PM

Income increased by 2.1 per cent to Rs 9,489.3 crore during the period under review from Rs 9,286.2 crore in the same period of 2019-20.

Tech Mahindra also announced the acquisition of digital enterprise technology firm Momenton and technology consulting company Tenzing.

Tech Mahindra on Friday posted around 5 per cent fall in consolidated profit at Rs 1,064.6 crore for September quarter of the current fiscal year.

The company had a profit of Rs 1,123.9 crore in the same quarter a year ago, it said in a statement.

Income increased by 2.1 per cent to Rs 9,489.3 crore during the period under review from Rs 9,286.2 crore in the same period of 2019-20.

“Our repair, rally and rise strategy has helped the company to emerge stronger, as we journey towards a post COVID-19 world. We are witnessing demand revival across multiple segments, as customers have accelerated their pace of digital transformation,” MD and CEO CP Gurnani said.

Tech Mahindra also announced the acquisition of digital enterprise technology firm Momenton and technology consulting company Tenzing.

“Tech Mahindra has acquired 100 per cent equity in both the organizations, and together they will enable digital capabilities, modern cloud-based architecture and transformation for customers in ANZ (Australia and New Zealand), specifically in Financial Services,” the statement said.

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