Tech Mahindra's consolidated net rises 10.18% in 3Q18
29 Jan 2018
Tech Mahindra has posted a 10.18 per cent rise in third quarter consolidated net profit at Rs943.1 crore, up from Rs856 crore during the same period of previous financial year. During the December quarter, the company's total revenues rose to Rs 7,776 crore, as against Rs 755.8 crore recording during the comparable period a year ago.
''Our focus on digital transformation, continuous re-skilling of our workforce to meet the future demands of our market space is showing encouraging results. The quarter results also demonstrate our focus on execution, which is key in an otherwise unpredictable macro business environment,'' said Vineet Nayyar, vice chairman, Tech Mahindra.
The company's total headcount stood at 115,241, its cash and cash equivalent at Rs6,068 crore as of 31 December 2017.
"We have continued to clock steady growth in the quarter across revenue, profits and new business. Our commitment to 'DAVID' strategy (Digitization, Automation, Verticalization, Innovation, Disruption) has yielded marquee deals in the digital space. I am confident we will continue to deliver connected experience across markets and industries we serve,'' C P Gurnani, CEO & MD, Tech Mahindra said.
During the quarter, the company's revenues in US dollar terms rose 8.3 per cent on a year-on-year basis, while EBITDA rose 12.6 per cent to $197 million and net profit rose 16.5 per cent to $147 million.
In the December quarter, Tech Mahindra and Toshiba Digital Solutions entered into an agreement to target Smart Factory Market. Separately, Tech Mahindra entered into an agreement with Gao Feng Advisory Company to set up Artificial Intelligence (AI) Lab in Shanghai. The AI lab will work in the areas of futuristic digital technologies, including AI Chatbot Services, Smart Process Automation, NLP (Text Analytics), Image Recognition & Processing, Machine Learning and Predictive Analytics.
Tech Mahindra also acquired a 22.14 per cent stake from the Bharti Group and 9.93 per cent stake from Westbridge Ventures in Comviva Technologies Ltd, taking its stake to 99.17 per cent.
