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Tech Mahindra’s net profit in the third quarter of the ongoing fiscal year witnessed jump of 14.3 per cent to Rs 1,309.8 crore, largely driven by improving profit margins while the revenues remained stable. The company had posted a net profit of Rs 1,145.9 crore in the year-ago period and Rs 1,064 crore in the preceding September quarter.
Overall revenues stood at Rs 9,647 crore as against Rs 9,654 crore in the year-ago period and Rs 9,371 crore in the September quarter.
It was profit margins, that expanded by 1.70 per cent to at the operating level to 15.9 per cent, which helped the bottom line.
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Chief financial officer Manoj Bhat told reporters that a bulk of the expansion on the margins front is attributable to higher offshoring and also to higher utilisation, which touched an all-time high of 87 per cent.
The company also reported a massive reduction in its overall headcount at 1.21 lakh, down by over 9,000 people when compared with the year-ago period and over 2,500 if compared with three months ago period.
Its chief executive and managing director C P Gurnani said a bulk of the impact came in the business process outsourcing segment, where automation has resulted in lower requirements for talent even as revenues grow.
The company will be giving out salary hikes for the fiscal in a staggered way and the lowest rung of the employees eligible for the increment will start receiving their offers by end of March, Gurnani said.
It closed the quarter with a net total contract value of $455 million on new deals, and sees the 5G telecom networks rollout as a big opportunity, Gurnani said.
Without giving guidance for the future, Gurnani said the future quarters for the company will be more robust and Bhat said the company will be able to keep the margins in the targeted level of over 15 per cent in FY22.
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