Tech Mahindra Q4 net up
25 May 2018
IT company Tech Mahindra’s consolidated net profit more than doubled to Rs1,222 crore in the fourther quarter ended March 2018, compared with a net profit of Rs587.9 crore recorded during the same period a year ago. On a sequential basis, the company’s profit rose 3.6 per cent.
During the quarter under review, Tech Mahindra’s consolidated revenue from operations rose 7.4 per cent to Rs8,054.5 crore from Rs7,495 crore in the same period of last fiscal.
“It’s been a great year of execution despite volatilities in the market place. Our customer accolades and various recognitions for sustainability reflect well on our long-term strategy for growth,” said Vineet Nayyar, vice chairman at Tech Mahindra.
For the fiscal ended March 31, the Mumbai-based company’s net profit rose 35.1 per cent to Rs3,800 crore on revenue of Rs30,773 crore. The revenues were up 5.6 per cent on an year-on-year basis.
“Continued focus on operational metrics has led to improved performance though the year. Growth in digital areas is particularly encouraging. We remain focused on delivering value to our customers, while helping our employees FUTURise with constant innovation in the digital world,” CP Gurnani, Managing Director & CEO of Tech Mahindra said.
Tech Mahindra’s chief financial officer Milind Kulkarni will retire on 31 May 2018, the company said, adding Manoj Bhat will take over as CFO from 1 June.
“It’s been a pleasure working with Kulkarni over the years. I would like to thank him for his immense contributions to the organization and the finance function. I am also pleased that Manoj Bhat, who has worked with the company for over 12 years in multiple leadership roles, will take over as the new CFO effective June 1, 2018,” Gurnani added.
Tech Mahindra’s total headcount stood at 112,807 as of March 31, 2018. The company had an active client base of 913 during the fiscal, compared with 843 in FY 17.