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Tech Mahindra sees 9.5% sequential jump in Q2 net profit at ₹1,064 cr – Mint

New Delhi: IT firm Tech Mahindra on Friday reported 9.% sequential jump in consolidated net profit for September quarter at 1,064 crore. The company’s net profit was 972 crore in June quarter.

The company’s consolidated revenue from operations rose 3% to 9,372 crore as compared to 9,106 crore in June quarter.

The company has announced special dividend of 15 per share. The dividend shall be paid on 12 November.

“Our Repair, Rally and Rise strategy has helped the company to emerge stronger, as we journey towards a post Covid world. We are witnessing demand revival across multiple segments, as customers have accelerated their pace of digital transformation. Our focus on creating Human Centered Experiences will enable us to capture increased spends on consumerization, as businesses try to stay relevant in the current environment,” said C.P. Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra.

“Strong execution on both revenue growth and operational metrics has helped to improve our performance on all fronts. Our cash conversion continues to be robust and we remain committed towards creating value for our shareholders through effective capital return,” said Manoj Bhat, Chief Financial Officer, Tech Mahindra.

Tech Mahindra also announced the acquisition of digital enterprise technology firm Momenton and technology consulting company Tenzing.

“Tech Mahindra has acquired 100 per cent equity in both the organizations, and together they will enable digital capabilities, modern cloud-based architecture and transformation for customers in ANZ (Australia and New Zealand), specifically in Financial Services,” the statement said.

On Friday, the company’s scrip on BSE closed 1.14% higher at 847.

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