Tech Mahindra beats Street estimates, pre-tax profit up 33% to Rs 1,283 cr

IT services firm Tech Mahindra on Monday reported profit before tax (PBT) of Rs 1,283 crore, up 32.9 per cent sequentially but flat year-on-year (YoY), according to an exchange filing. 

The Mahindra group firm beat estimates for the June 2020 quarter (Q1FY21) thanks to lower operating costs, even as the firm remained optimistic on large-scale Cloud migration and 5G opportunities in the medium term.

The Pune-headquartered firm reported Rs 972 crore in consolidated net profit for Q1, also flat YoY. Sequentially, it rose 20.9 per cent. Revenue stood at Rs 9,106 crore, up 5.2 per cent YoY, even as it declined 4