IT major Tech Mahindra on Tuesday reported that its net profit for the quarter ended March 31 fell by 6 per cent quarter-on-quarter to Rs 1,132 crore. Revenues also declined to Rs 8,892 crore as compared to Rs 8,943 crore in the quarter ending December 2018. For the fourth quarter, operating margin dipped to 15.4 per cent, down over 16 per cent of the third quarter.
In dollar terms, revenue rose 1.9 per cent year-on-year to 1.26 billion dollars. “We had a satisfactory year, characterised by significant margin improvements, a growing digital portfolio and considerable increase in deal wins,” said C P Gurnani, Managing Director and Chief Executive Officer of Tech Mahindra.
“While our enterprise business has performed satisfactorily during the year, we are encouraged by the revival of the communications business. Our continued investments into our partner ecosystem for building a unique portfolio of 5G offerings will enable us to address the networks of the future opportunity.”
Tech Mahindra’s consolidated revenue from operations during January to March increased over 10 per cent to Rs 8,892 crore as against Rs 8,055 crore in the year-ago quarter, the company said in a statement.
For the full fiscal, the net profit was up over 13 per cent to Rs 4,298 crore, while revenue from operations was higher by nearly 13 per cent to Rs 34,742 crore as compared to FY 18. The company’s board has recommended a dividend of Rs 14 per share. (ANI)