Amid turnaround, Tech Mahindra net profit rises 46.8% at Rs 1,250 crore
Tech Mahindra posted a 46.8% sequential rise in net profit at Rs 1,250 crore in the fiscal second quarter propelled by a sharp focus on margins and a one-time gain from the sale of land. Profit surged 153% from a year earlier.
India’s fifth largest software services company recorded a 2.4% sequential rise in revenue from operations at Rs 13,313 crore in the three months ended September. Revenue rose 3.5% year-on-year, rebounding after four straight quarters of decline.
Revenue growth was led by the largest vertical of communication, as well as hi-tech and media verticals, according to the company.
Operating margin increased by 1.1 percentage points sequentially to 9.6% in the September quarter. Margin also rose sharply from 4.7% a year ago.
During the quarter, the company posted other income of Rs 521 crore, lifted by a one-time gain of about Rs 450 crore from sale of land.
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