Tech Mahindra's consolidated Q3 net profit up over 10%

Tuesday, 30 January 2018, 08:47 Hrs
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IT major Tech Mahindra on Monday reported an increase of 10.17 per cent in its consolidated net profit for the third quarter of 2017-18.

According to the IT major, its net profit during the quarter under review increased to Rs 943.1 crore from Rs 856 crore reported for the corresponding period of the previous fiscal.

"Our focus on digital transformation, continuous reskilling of our workforce to meet the future demands of our market space is showing encouraging results. The Q3 results also demonstrate our focus on execution, which is key in an otherwise unpredictable macro business environment," Vineet Nayyar, Vice Chairman, Tech Mahindra, said in a statement.

On sequential basis, net profit was up 12.8% while the revenue was up 2.2%. In dollar terms, the company’s profit grew 16.5% to $147 million while revenue was up 8.3% to $1.2 billion over the year ago period. The company added 18 active clients compared to the trailing September quarter, taking the active client count to 903 at the end of December 2017.

Its total headcount was at 1,15,241 people. C.P. Gurnani, chief executive officer (CEO) and managing director (MD) of Tech Mahindra, said: “We have continued to clock steady growth in the quarter across revenue, profits and new business. Our commitment to ‘DAVID’ strategy (Digitisation, Automation, Verticalisation, Innovation, Disruption) has yielded marquee deals in the digital space”.

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