Tech Mahindra Q1 profit up 23% to Rs 851 crore, revenue down

Tech Mahindra, the country’s fifth largest IT services firm, posted a 23% year-on-year increase in first-quarter net profit, driven by healthy margins and segmental growth.

Net profit for the quarter ended June 30 rose to Rs 851.5 crore from Rs 692.5 crore a year earlier. Sequentially, profit grew 28.8% from Rs 661 crore in the three months ended March 31. The Pune-headquartered firm’s consolidated revenue from operations declined 1.2% on year to Rs 13,005.5 crore. Sequentially, revenue increased 1%.