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Tech Mahindra Q1 results: Net profit rises 31% to Rs 1,353.2 crore; dollar revenue growth at 4.1% QoQ

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Tech Mahindra's Q1 dollar revenue was at $1,383.6 million, registering a growth of 4.1 percent from $1,329.6 million, QoQ.

Tech Mahindra Q1 results: Net profit rises 31% to Rs 1,353.2 crore; dollar revenue growth at 4.1% QoQ
IT firm Tech Mahindra on Thursday reported a 30.8 percent rise in its net profit for the first quarter of fiscal 2022 at Rs 1,353.2 crore as against Rs 1,081.4 crore in the quarter ended March 2021.
The company’s rupee revenue in Q1FY22 grew 4.8 percent to Rs 10,197.6 crore from Rs 9,729.9 crore, QoQ. The dollar revenue was at $1,383.6 million, registering a growth of 4.1 percent from $1,329.6 million, QoQ. CNBC-TV18 analysts’ poll had estimated a dollar revenue of $1,365 million.
The constant currency revenue growth stood at 3.9 percent, higher than the estimated 1.5 percent growth
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"We have witnessed an all-rounded performance this quarter with growth across our key markets and industry sectors. We continue to see strong traction in large deal wins as we are helping our customers in integrated digital transformation," said CP Gurnani, managing director and chief executive officer, Tech Mahindra.
The operating performance of the company weakened during the quarter sequentially, as earnings before interest and tax (EBIT) declined 3.6 percent to Rs 1,545.3 crore from Rs 1,603.7 crore and EBIT margin narrowed by 130 bps to 15.2 percent from 16.5 percent, QoQ.
"Our focus on key technology pillars wrapped around experience-led approach with TechM Nxt. Now will help us to capitalise on the strong demand momentum," Gurnani added.
On Thursday, the shares of Tech Mahindra ended 0.75 percent higher at Rs 1,127.95 apiece on the BSE.