Tech Mahindra Q3 profit rises 14pc to Rs 856cr

MUMBAI, INDIA: Beating analysts' expectations, Tech Mahindra has reported 14 percent sequential rise in its profit to Rs 856 crore in the quarter ended December 2016. The revenue during the quarter grew by 5.4 percent to  7,558 crore.

Geograhy-wise Americas accounted for 46.7 percent of its revenues, while Europe and Rest of the World accounted for 29.4 percent and 23.9 percent, respectively.

Vertcial-wise, Banking, financial services & insurance contribution grew slightly to reach 13.1 percent. Retail, transport & logistics contribution grew to 7.6 percent. Communication contributed the majority of its revenues(47.3 percent), while Manufacturing contributed 18.4 percent.

The software firm added 12 clients taking total active clients count to 837 in Q3 FY 2017. It added 8 clients in $5 million+ category during the quarter.

“The strong deal wins and business momentum during the quarter reaffirm that we are on the right track to capitalize on the opportunities from the global digital transformation, and see measurable benefits from that,” said Vineet Nayyar, Vice Chairman, Tech Mahindra.

C P Gurnani, Managing Director & CEO, Tech Mahindra said, “Our differentiated offerings focused on the five pillars of our DAVID strategy – Digitalization, Automation, Verticalization, Innovation and Disruption, position us as a strong partner of choice for global businesses.”

The total headcount was at 1,17,095 at the end of December 2016 quarter with 80,858 software professionals.