Tech Mahindra announced its June quarter results on Thursday after the market close.
What Happened: The IT major reported a net profit of ₹851.5 crore, up by 22.96% from the previous year. Tech Mahindra reported a net profit of ₹692.48 crore in the previous year. Sequentially it was up 28.81% from ₹661 crore in the March quarter. Its revenue from operations slipped 1.16 % to ₹13,005.5 crore from ₹13,159 crore in the previous year. In March it had a revenue of ₹12,871.3 crore.
The company’s EBIT margin increased to 8.5% from 6.8% in the previous year. In the March quarter, EBIT Margin was at 7.4%.
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The results missed analyst estimates of ₹876.02 crore profit while revenue was in line with the estimate of ₹12,961.5 crore.
The company in its press release said it won deals worth $534 million (around ₹4,471 crore) in the quarter. The company’s total headcount decreased to 147,620 from 148,297 in the previous year.
Price Action: Shares of Tech Mahindra rose 0.44% to close at ₹1,540 ahead of the result announcement on Thursday.
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