Tech Mahindra Q4 net profit doubles to Rs 12.22 billion, beats estimates

IT company Tech Mahindra on Friday said its consolidated net profit more than doubled to Rs 12.22 billion in the quarter ending March 2018.

The company had posted a net profit of Rs 58.79 billion in the same period a year ago, Tech Mahindra said in a statement.

Consolidated revenue from operations of Tech Mahindra increased by 7.4 per cent to Rs 80.54 billion in the reported quarter, from Rs 74.95 billion in the same period of 2016-17.

"It's been a great year of execution despite volatility in the market place. Our customer accolades and various recognitions for sustainability reflect well on our long-term strategy for growth," Tech Mahindra Vice Chairman Vineet Nayyar said.

For 2017-18, the company posted about 35 per cent rise in net profit at about Rs 38 billion, while revenue increased by 5.6 per cent to about Rs 307.73 billion from the previous fiscal.

"Continued focus on operational metrics has led to improved performance through the year. Growth in digital areas is particularly encouraging," Tech Mahindra Managing Director and CEO CP Gurnani said.

The company said its chief financial officer Milind Kulkarni will retire on May 31 on reaching the superannuation age.

"Manoj Bhat has been appointed as the CFO of the company with effect from June 1, 2018," the company said.

Tech Mahindra's total headcount as of March 31, 2018, stood at 112,807 people. The cash and cash equivalents were at Rs 77.74 billion, while active client count was at 913, the statement said.

The Board of Directors have recommended a final dividend of Rs 14 per share on par value of Rs 5 for the financial year ended March 31, 2018, subject to approval by the members of the company at its Annual General Meeting.