Software services company Tech Mahindra on April 26 has reported a 17.4 percent sequential decline in consolidated profit at Rs 1,081.4 crore for the quarter ended March 2021. The profit within the previous quarter was at Rs 1,309.8 crore.
Consolidated revenue for the quarter at Rs 9,729.9 crore grew by 0.9 per cent over Rs 9,647.1 crore in December quarter.
The numbers missed analysts’ expectations as profit was estimated at Rs 1,313 crore on revenue of Rs 9,830 crore for the quarter, consistent with a mean of a CNBC-TV18 analysts poll.
IT services business registered a 1 percent sequential growth in revenue at Rs 8,673 crore, but BPO segment revenue was almost flat at Rs 1,056.9 crore in Q4FY21 against Rs 1,056.6 crore in Q3FY21.
Revenue in dollar terms grew by 1.6 percent sequentially to $1,329.6 million and therefore the revenue growth stood at 0.7 percent QoQ in constant currency terms, which missed CNBC-TV18 poll estimates which was pegged it at 2.7 percent and a couple of percent growth QoQ respectively.
Source – Moneycontrol