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Tech Mahindra Q3 result: Net profit slips 5% to Rs 1,297 crore; new deal wins at $795 million – Moneycontrol

Tech Mahindra Q3 result: A brokerage poll by Moneycontrol had pegged a 3.8 percent sequential rise in PAT but 0.6 percent year-on-year decline at Rs 1,359 crore

Tech Mahindra on January 30 reported a consolidated net profit of Rs 1,297 crore for the December quarter of the financial year 2022-23, down 5.3 percent. Profit after tax (PAT) stood at Rs 1,368 crore in the year-ago period.

The revenue from operations came in at Rs 13,735 crore, rising 19.9 percent from Rs 11,450 crore in the corresponding quarter of the previous year, the information technology services firm said in an exchange filing.

While revenue beat expectations, net profit was slightly below Street’s forecast.

An average of estimates of five brokerages polled by Moneycontrol had expected PAT to rise 3.8 percent on a sequential basis but decline 0.6 percent year-on-year (YoY) to Rs 1,359 crore. Consolidated revenue, in rupee terms, was seen increasing 18 percent YoY and 3.7 percent quarter-on-quarter to Rs 13,612 crore.