IT major Tech Mahindra on Monday posted a profit after tax of Rs 972 crore in Q1 FY21, up 21 per cent from Rs 804 crore in the previous quarter (Q4 FY20).

Earnings before interest, tax, depreciation and amortisation (EBITDA) were down 3.5 per cent to Rs 1,301 crore while revenue fell by 4 per cent to Rs 9,106 crore in the same period. Earnings per share were at Rs 11.07.

In dollar terms, the consolidated profit after tax was up 18.2 per cent at 128.8 million quarter-on-quarter while revenue came down 6.7 per cent to 1.2 billion dollars.

“We are witnessing a wave of new-age technologies being adopted by the customers as businesses across the globe are actively pursuing digital transformation,” said Managing Director and Chief Executive Officer C P Gurnani.

“We are well positioned to capture such spends and our endeavour is to be back on the growth path amid increased signs of demand normalisation,” he said in a statement.

Chief Financial Officer Manoj Bhat said that despite demand uncertainty and volume reduction, the company was able to demonstrate operational resilience through cost optimisation.

“Cash conversion has been strong while we aim to improve profitability margins as demand normalises,” he said.

Tech Mahindra has a headcount of 1.23 lakh and active clients totalling 981 besides cash and cash equivalent of 1.37 billion dollars.

(ANI)

Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

READ  The startup making deep learning possible without specialized hardware - MIT Technology Review





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here