TechM profit down 2% in Q1; misses estimates

Tech Mahindra on Wednesday reported a 2.2% sequential decline in net profit for the first quarter of the fiscal at Rs 1,141 crore. The net profit missed Bloomberg estimates of Rs 1,195 crore.

Revenue for the quarter under consideration was down 0.2% to Rs 13,351 crore quarter-on-quarter, missing the Bloomberg estimates of Rs 13,425 crore. The firm also trailed street estimates on earnings before interest, taxation, depreciation and amortisation (Ebtida) of Rs 1,958 crore at Rs 1,835 crore, though it was up 5.2% q-o-q.