Tech Mahindra profit rises 14% to Rs 1,310 crore in December quarter

IT services firm Tech Mahindra on Friday said its profit after tax rose 14.3 per cent to Rs 1,309.8 crore for the quarter ended December 31, 2020. 

The rise in profit was 23 per cent on a sequential basis. 

It said its revenue from operations was almost flat on an annual basis, and rose 2.9 per cent quarterly at Rs 9,647.1 crore in the third quarter. 

Margin during the quarter was 19.6 per cent, up 140 basis points quarter-on-quarter. 

“The technology modernisation cycle continues to gather pace and our positioning of creating Experiences through Nxt. Now has seen us gain significant traction in the market place. We believe that the future is now and we are continuously innovating to address this shift in spending,” said Tech Mahindra Managing Director and Chief Executive Officer CP Gurnani. He said the company’s focus 5G technology was doing well, and it had signed on a top UK telco as a client for 5G implementation. 

The Born Group, a digital content and production agency, which Tech Mahindra acquired in 2019, was looking to hire 50 per cent more resources in the next quarter. He called out the company’s sustainability initiatives getting recognition by several third party vendors.