Tech Mahindra Q1 net profit falls 15% at Rs 959 crore; dollar revenue marginally lower

Tech Mahindra on July 30 reported a 15.3 percent fall in its Q1FY20 net profit at Rs 959 crore against Rs 1,132.5 crore in the quarter ended March 2019.

The company’s rupee revenue was down 2.7 percent at Rs 8,653 crore against Rs 8,892.3 crore and dollar revenue was down 1.6 percent at $1,247.1 million against $1,267.5 million QoQ.

Earnings before interest and taxes (EBIT) fell 27.4 percent at Rs 992.8 crore, while margin was down 390 bps at 11.5 percent.

In the constant currency terms, the revenue growth was at 3.7 percent.

The company’s digital revenue was up 34.7 percent (YoY), while IT attrition rate was unchanged at 21 percent (QoQ).

The free cash flow for the quarter stood at Rs 598 crore.

CP Gurnani, managing director & chief executive officer, Tech Mahindra said, “We are very encouraged to see TCV deal wins worth close to half a billion USD across Enterprise and Communications. We remain optimistic on the demand environment, evident from a very strong pipeline and deal conversions.”

Tech Mahindra ended at Rs 640.30, down Rs 6, or 0.93 percent on July 30 on the BSE.

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