Tech Mahindra’s net profit up 20.5% in Q1

Tech Mahindra’s net profit up 20.5% in Q1

Mumbai, Aug 1 (IANS) Information technology (IT) major Tech Mahindra on Monday reported a 20.5 percent rise in its consolidated net profit to Rs 750 crore in the quarter ended June 30, 2016 as compared to Rs 622.5 crore in the corresponding period last year.

Its revenue for the quarter stood at Rs 6,921 crore, up 10 percent from Rs 6,294 crore in the year-ago quarter. “We have had a steady quarter in spite of the seasonal weakness in our mobility business,” said company Vice Chairman Vineet Nayyar.

The IT solution provider’s operating profit in the quarter was at Rs 1,029 crore, up 13.7 percent.

“Our business has done well on several parameters like large client growth, digital wins and strong cash flows. Automation and delivery excellence are the two focus areas for the going forward,” said Managing Director and CEO C.P. Gurnani.

The company said in a statement that it augmented digital portfolio with acquisition of leading digital change agents – The Bio Agency UK.

It has also entered into an agreement to acquire Target group, one of the leading processing platform companies in Britain. “The acquisition strengthens its BFSI practice by access to IP and a platform which helps automate end-to-end processes in the lending, investments and insurance market,” it said.

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