Tech Mahindra Q2 net profit up 17% at Rs 1,124 crore

IT company Tech Mahindra has posted 17.15% increase in consolidated net profit for the second quarter ended September 30, 2019, at Rs 1,123.9 crore. Its net profit for the previous quarter was Rs 959.3 crore. The company’s revenue was up 4.8% QoQ at Rs 9,070 crore and EBITDA stood at Rs 1,501 crore, up 14.2%.

CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said, “We are thankful to our customers for believing in our capabilities despite a tough demand environment. Our consistent large deal wins is a testimony of our differentiation in the marketplace. We are confident of our growth outlook for both Communications and Enterprise businesses. ‘Digital’ continues to be a strong growth driver, as we help our customers in their transformation journey.”

The $4.9 billion company has also announced the acquisition of BORN Group, an integrated agency headquartered in the US, to bolster capabilities in Commerce and Customer Experience (CX). Born Group offers end-to-end digital engagement, such as strategy consulting, content creation, digital production, eCommerce and CMS (Content Management System) implementations and data driven UX (User Experience). Tech Mahindra will acquire 100% of Born Group for total consideration of up to $95 million.

Vivek Agarwal, Head of Corporate Development and Portfolio Companies, Tech Mahindra, said, “Digital continues to be the central theme of our acquisition strategy at Tech Mahindra. The acquisition of Born Group will assert our leadership in the rapidly growing electronic and mobile commerce segment globally, and equip us to deliver enhanced user experience to our customers globally.”

The company’s earnings per share (EPS) stood at Rs 12.88. In terms of USD, Tech Mahindra’s profit after tax stood at $158.6 million, up 14.3% QoQ, and its revenue was at $1,287.2 million, up 3.2% QoQ.

Tech Mahindra’s total headcount stood at 1,31,522 for the quarter ended September 30. It has added 5,749 employees in the last quarter. The scrip of the company was trading 0.34% up at Rs 775.75 a piece in the afternoon trade.

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