Tech Mahindra Q1: Profits Slump 39%

IT giant Tech Mahindra reported its earnings for the quarter ended March after market close of Wednesday.

What Happened: The company’s net profits for the quarter slumped around 39% to ₹692.5 crore, as compared to the ₹1,131.1 crore profit it booked in the same quarter last year. The number missed street estimates of over ₹1,000 crore.

The Mahindra Group company’s revenue from operations came in at ₹13,159 crore, up around 3.5% from the ₹12,707.9 crore revenue it had reported during the same period last year.

EBITDA for the April-June period came in at ₹1,338 crore, down 28.8% year-on-year. Earnings per share (EPS) stood at ₹7.82.

Commenting on the results, the company’s CEO CP Gurnani said that the results reflect the uncertainty in the global economy and the IT sector but the company is confident of overcoming “this temporary setback.”

Price Action: Tech Mahindra’s share price was down 1.08% to close at ₹1,144 on Wednesday.

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