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BENGALURU, Nov 1 (Reuters) – Indian IT services provider Tech Mahindra ( TEML.NS ) reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company posted a special dividend. Also announced.
Revenue from the Pune-based company’s operations rose nearly 21% to 131.3 billion Indian rupees ($1.59 billion) in the July-September quarter, but net profit fell 4% to 12.85 billion rupees on a 27% rise in expenses. .
Analysts on average were expecting a profit of 12.04 billion rupees on revenue of 129.9 billion rupees, according to Refinitiv’s IBES data.
India’s IT services industry was among the biggest beneficiaries of the pandemic’s digital boom, as many businesses rushed to digitize infrastructure and adopt remote or hybrid working policies.
However, top IT firms have so far made cautious forecasts amid global economic uncertainty recently.
Tech Mahindra’s total deal wins fell 4.5 percent to $716 million in the latest second quarter.
The company also approved a special dividend of Rs 18 per share.
Tech Mahindra’s stock closed up 0.7 percent on Tuesday, but was unaffected by its nearly 39 percent slide this year. ($1 = 82.6710 Indian Rupees)
Reporting by Ashish Chandra in Bengaluru; Edited by Janane Venkatraman
Our Standards: Thomson Reuters Trust Principles.
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