Tech Mahindra’s second quarter profit dips marginally
IT major Tech Mahindra recorded a meagre slide in its net profit for second quarter of the current fiscal, which stood at Rs 1,339 crore, one per cent down from Rs 1,353 crore recorded in the first quarter of 2021-22.
On a year-on-year basis though, the company’s profit went up by 25.8 per cent from Rs 1,065 crore.
Revenue for the July-September quarter of the current fiscal stood at Rs 10,881 crore, 6.7 per cent higher than Rs 10,198 crore recorded in the April-June quarter of 2021-22.
On a year-on-year basis, the company’s revenue was higher by an impressive 16.1 percent from Rs 9,372 crore reported in the same quarter last year.
Tech Mahindra’s revenue from IT services were Rs 9,576 crore during the September-end period, rising by 6.2 per cent over Rs 9,016 crore registered in June-end quarter. On a year-on-year basis, it increased by 13.7 percent from Rs 8,419 crore.
Commenting on the company’s results, managing director and CEO of the company C P Gurnani said, “We remain committed to delivering long-term sustainable and profitable growth for the company. We have witnessed strong traction across all key markets as we invest in our digital capabilities through strategic partnerships.”
Tech Mahindra also announced acquisitions of two companies – US-based Infostar LLC and London-based We Make Websites Limited (WMW), for $105 million and $13 million, respectively to strengthen its digital portfolio.
Infostar LLC is a digital product engineering company that offers end-to-end product and data quality assurance solutions.
WMW offers Shopify-focused e-commerce agency and has 43 employees in the UK and US. The company was acquired for 9.4 million pounds.
