Tech Mahindra Q1 Results: Revenue Meets Estimates, Profit Falls 25%
Tech Mahindra won deals worth over $802 million in the April-June period.
Tech Mahindra Ltd.'s revenue rose in the first quarter, aided by deal wins.
The technology company's consolidated revenue rose 5% sequentially to Rs 12,707.9 crore in the quarter ended June, according to its exchange filing. That compares with the Rs 12,524.4-crore consensus estimates of analysts tracked by Bloomberg.
Tech Mahindra Q1 Highlights (QoQ)
Dollar revenue rose 1.5% at $1,632 million.
Net profit fell 25% at Rs 1,131.6 crore, against Rs 1,215.7-crore forecast.
Operating profit fell 12.5% at Rs 1,403.40 crore, against estimated Rs 1,514.5 crore.
EBIT margin stood at 11% compared with 13% as of March.
Attrition fell to 22% in the Q1 on last 12-month basis.
Tech Mahindra won deals worth over $802 million in the April-June 2022 period.
The company’s net additions in the quarter stood at 6,862, taking the total headcount to 158,035 as of June.
Shares of Tech Mahindra closed 1.43% lower before the results were announced on Monday, compared with a 0.53% fall in the benchmark Nifty 50.