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IT services firm Tech Mahindra on Friday posted 4.7 per cent year-on-year decline in its consolidated net profit at Rs 1,145.9 crore for the December 2019 quarter. The firm had registered a net profit (attributable to owners of the company) at Rs 1,202.9 crore in the corresponding quarter of the last fiscal, Tech Mahindra said in a statement.
The released data shows that company’s revenue from operations grew 7.9 per cent to Rs 9,654.6 crore in the quarter under review against Rs 8,943.7 crore corresponding quarter of the previous fiscal.
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This is a quarter of strong growth across the company’s Communications and Enterprise businesses, Tech Mahindra Managing Director and CEO C P Gurnani said.
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“We continue to win marquee deals and are well poised to capitalise on new market opportunities with technology shifts like 5G, which continues to be a key focus area in the year ahead,” he added.
Earnings per share (EPS) was at Rs 13.13. In dollar terms, the net profit was up 1.3 per cent sequentially to USD 160.6 million, while revenue grew 5.1 per cent to USD 1,353 million in the said quarter.
The company’s total headcount was at 1,30,839 people, a reduction of 683 people from the September 2019 quarter.
Tech Mahindra also announced the acquisition of 70 per cent stake in Bengaluru-headquartered Cerium Systems.
“Cerium will boost the company’s Engineering Services practice in VLSI (very large scale integration) and Embedded Software.
“We continue to invest in niche digital assets complementing our service offerings. Cerium provides cutting edge solutions with a strong foothold in global semiconductor industry,” Tech Mahindra Head of Corporate Development and Portfolio Companies Vivek Agarwal said.
On Friday, Tech Mahindra shares closed marginally higher at Rs 796.00 on the BSE.
(With input from agencies)
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