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.

The company’s net profit (attributable to the company owners) rose 22.95 per cent from the sequential second quarter of the current financial year. It’s consolidated revenues stood at ₹9,647 crores during the quarter under review, flat from the year-ago quarter. Still a 2.9 per cent rise from the September quarter, Tech Mahindra said in a statement.

“The technology modernisation cycle continues to gather pace and our positioning of creating experiences through Nxt. Now has seen us gain significant traction in the market place. We believe that the future is now and we are continuously innovating to address this shift in spending,” Tech Mahindra Managing Director and Chief Executive Officer CP Gurnani said.

Tech Mahindra’s EBITDA rose 11.3 per cent from the sequential quarter to ₹1,896 crore, while EBITDA margins increased 140 basis points to 19.6 per cent.

The company’s total headcount by 2,357 from the sequential second quarter to 121,901 as of December 31.

The company will continue to hire on specific niche fields as the overall demand across sectors, which were slack earlier, has bounced back, Tech Mahindra Chief Financial Officer Manoj Bhat said.

“Our focus on operational excellence has again yielded results as we structurally change our delivery model. We are seeing consistent improvement in our operating metrics, and we are confident of continuing on this transformation journey in the coming quarters,” Bhat added.

Tech Mahindra shares ended down 2.13 per cent at ₹961.65, on the BSE which closed down 1.26 per cent on Friday.

Published on January 29, 2021