Our Bureau IT major Tech Mahindra has posted a consolidated net profit of ₹1,309 crore for the third-quarter ended December 31, 2020, a 14.23 per cent rise from ₹1,145.9 crore recorded during the same quarter a year ago.

Its net profit (attributable to owners of the company) rose 22.95 per cent from the sequential second quarter of the current fiscal. Consolidated revenues stood at ₹9,647 crore in Q3 FY21, flat from Q3 FY20, but a 2.9 per cent rise from Q2 FY21.

“There has been success on all fronts — cloud, artificial intelligence (AI), digital and analytics. And the other more important part is that our funnels are at an all-time high and we do expect our future to be even more robust as our deal flows have become very strong,” Tech Mahindra MD and CEO CP Gurnani said in a virtual press conference.

The company’s new deal flows stood at $455 million during the quarter under review.

Tech Mahindra’s EBITDA rose 11.3 per cent from the sequential quarter to ₹1,896 crore. The company is seeing an uptake in its 5G offerings for enterprises and telecos, even though it was a “little slow”, while its human experience management segment has been adding clients during the quarter.

“During the previous quarters, some of our geographies like Europe and some areas around manufacturing were a bit slow and we were expecting a rebound, and now we are seeing good amount of growth coming in. The new deals of $455 million were equal to pre-Covid levels, while we also saw offshoring rise,” Tech Mahindra Chief Financial Officer Manoj Bhat said.

The company’s total headcount fell by 2,357 from Q2 FY21 to 121,901 as of December 31.

Tech Mahindra also approved the merger of its two wholly-owned subsidiaries - Tech Mahindra Business Services Ltd and Born Commerce - with itself.

Published on January 29, 2021