Tech Mahindra net profit down 31% due to rupee, poor growth

Tech Mahindra said its revenue fell 0.8% quarter on quarter in the three months ended March to Rs 7,495 crore, while net profit fell 31% to Rs 588 cr.

In dollar terms, revenue rose 1.3% quarter on quarter and in constant currency terms, it was up 0.9% QoQ.

In dollar terms, operating profit fell 22% QoQ and net profit was down by 29.3% QoQ.

“Information Technology, the World over is going through a major shift with demand patterns Changing Constantly,” said Vineet Nayyar, Vice Chairman, Tech Mahindra.

“Most businesses are also battling the geopolitical uncertainties and as a Digital Transformation Company, we see these as huge opportunities in the future. Our Clients are approaching us With more problems to solve than ever before – that is definitely a happy problem to deal with.”

CP Gurnani, Managing Director said the industry was going through a “paradigm shift” amid changing demand pattern from the clients, technological changes and requirement for significant skill enhancement.

“We have responded to those Changes quite proactively by reimagining the business, imbibing a Culture of innovation encouraging reskilling and retraining of our workforce wherever necessary.