Shares of Tech Mahindra limited on Friday closed at Rs961.05 per share down by 2.09 percent as compared to the previous close of Rs. 981.60 on the National Stock Exchange (NSE).
Results: IT major Tech Mahindra on Friday reported a 14.3 percent rise in its consolidated net profit at Rs 1,309.8 crore for the December 2020 quarter. The Mumbai-based firm had registered a net profit (attributable to owners of the company) at Rs 1,145.9 crore in the year-ago period, Tech Mahindra said in a statement.
However, its revenue from operations was almost flat at Rs 9,647.1 crore in the quarter under review from Rs 9,654.6 crore in the year-ago period, it added. Sequentially, Tech Mahindra's net profit was up 23 pc (from Rs 1,064.6 crore), while revenue was higher by 2.9 pc (from Rs 9,371.8 crore in September 2020 quarter). Earnings per share (EPS) was at Rs 14.9. In dollar terms, the net profit was up 23.7 pc sequentially to USD 177.7 million, while revenue grew 3.4 pc to USD 1,308.7 million in the said quarter.
"The technology modernization 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," Tech Mahindra Managing Director and Chief Executive Officer CP Gurnani said.
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