Tech Mahindra quarterly profit plummets 5.7% to Rs 759 crore

IT services firm Tech Mahindra on Monday reported 5.7 per cent decline in consolidated net profit at Rs 759.24 crore for the quarter ended December 31. The firm had registered a net profit of Rs 776.77 crore in the corresponding quarter of the last fiscal, Tech Mahindra said in a statement. However, its consolidated revenue stood at Rs 6,701.14 crore in the quarter under review, up 16.5 per cent, from Rs 5,751.70 crore in the year-ago period. “We continue to drive growth in a seasonally weak quarter through offerings that are echoing well with the market, which holds potential to deliver long term opportunities. “We are enabling digital transformations for customers in the areas of IoT, Automation, Machine Learning and Artificial Intelligence,” said C P Gurnani, Managing Director and CEO, Tech Mahindra. The challenge facing the industry now is to understand the full potential of digital technology and help customers make the best of it at the earliest and Tech Mahindra believes it is well-positioned to serve those interests, he added. The company’s revenues from IT business stood at Rs 6,172.24 crore, while that from BPO segment was at Rs 528.9 crore in the quarter under review.