Tech Mahindra net profit up in FY21 to Rs 4,428 crore
By MYBRANDBOOK
Tech Mahindra reported a 9.8 per cent year-on-year (YoY) increase in its consolidated net profit for financial year 2020-21 at Rs 4,428 crore. The company's revenue increased 2.7 per cent to Rs 37,855 crore.
For January-March quarter, net profit rose 34.6 per cent YoY to Rs 1,081 crore. Sequentially, net profit declined 17.4 per cent from Rs 1,309 crore in December quarter.
The revenue also rose to 2.5 per cent YoY to Rs 9,730 crore in March quarter, while it rose 0.9 per cent on a quarter-on-quarter (QoQ) basis. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 44.5 per cent YoY to Rs 1,948 crore.
Tech Mahindra said it won net new deals worth $1.04 billion in March quarter, while new deals during FY21 stood at $2.21 billion. Its attrition rate was at 13 per cent in January-March as compared with 19 per cent in the year-ago quarter and 12 per cent in the preceding quarter. Its employee headcount stood at 1,21,054 at the end of March quarter of last fiscal.
"Our continued focus on cutting-edge technologies has expanded client engagement with large deal wins this quarter. We are witnessing a strong demand acceleration and are committed towards delivering a next-level human-centered experience of the future," Tech Mahindra MD and CEO CP Gurnani said.
Tech Mahindra also spoke about the acquisition of Eventus Solutions Group, a consulting and technology service company, headquartered in the US, it will the consulting capabilities in customer experience (CX) and customer management(CM) space. The acquisition will enable Tech Mahindra to build an industry leading consulting practice and move up the value chain in the business process services (BPS) segment, it said.
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