Tech Mahindra Q2 net profit falls to Rs 1,285 crore
Mumbai: Tech Mahindra on Tuesday reported a 4 per cent decline in consolidated profit after tax at Rs 1,285 crore in the September quarter.
The country's fifth largest IT services exporter had reported a net profit of Rs 1,339 crore in the year-ago period.
The company's overall revenue rose 20.7 per cent to Rs 13,129 crore in the second quarter of the current fiscal. In the same period a year ago, it stood at Rs 10,881 crore, according to a statement.
Tech Mahindra's Chief Executive Officer and Managing Director C P Gurnani described the market conditions as "evolving" and said that supply side challenges continue.
It reported a total contract value of newly signed deals at USD 716 million for the September quarter as against USD 750 million in the year-ago period and USD 802 million in the preceding June quarter.
The company added over 5,000 people to its headcount during the latest September quarter, taking the overall employee base to 1.63 lakh.
Shares of the company closed 0.43 per cent higher at Rs 1.068.10 apiece on the BSE on Tuesday as against gains of 0.62 per cent on the benchmark.
