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Tech Mahindra Q3 Earnings: Net profit at Rs 1,368.5 crore, misses Street estimates

Tech Mahindra Q3 Earnings: Net profit at Rs 1,368.5 crore, misses Street estimates

Tech Mahindra Q3 Earnings: Net profit at Rs 1,368.5 crore, misses Street estimates
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By CNBCTV18.com Feb 1, 2022 4:19:51 PM IST (Published)

Tech Mahindra Q3 results: IT company Tech Mahindra reported a 2.2 percent quarter-on-quarter increase in net profit to Rs 1,368.5 crore for the December quarter, missing Street expectations.

Tech Mahindra on Tuesday reported a net profit of Rs 1,368.5 crore for the quarter ended December, missing Street estimates. The quarterly net profit increased 2.2 percent sequentially.

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IT major Tech Mahindra's revenue for the October-December period increased 5.2 percent on a quarter-on-quarter to Rs 11,451 crore, according to a regulatory filing.
Analysts in a CNBC-TV18 poll had estimated Tech Mahindra's quarterly profit at Rs 1,464 crore and revenue at Rs 11,466 crore.
"Our people-first approach combined with sustained value creation this quarter reflects our commitment towards redefining possibilities and competencies in the new normal," said CP Gurnani, Managing Director and CEO, Tech Mahindra.
"We continue to strengthen our presence, deliver broad-based profitable growth and value for our customers, backed by future-ready talent and niche digital capabilities," he added.
In dollar terms, the company's revenue increased 4.1 percent to $1,533.5 million. Analysts had predicted the IT firm's revenue at $1,527 million. 
In constant curreny terms, its revenue growth stood at 4.7 percent, as against analysts' estimate of 4.5 percent.
The company reported Rs 1,697.9 crore in earnings before interest and taxes (EBIT) for the third quarter of the current financial year, up 2.8 percent on quarter.
Its EBIT margin was at 14.8 percent in the quarter ended December 2021, as against 15.2 percent in the July-September period.
Analysts had expected the company's EBIT at 1,744 crore and EBIT margin at 15.2 percent.
Tech Mahindra shares ended 1.9 percent higher at Rs 1,507.1 on BSE, ahead of the earnings announcement.
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