Business

Tech Mahindra Q4 net profit increases 34%

Tech Mahindra on Monday posted a 34.5% year-on-year increase in consolidated net profit to ₹1,081.4 crore for the January-March 2021 quarter.

Net profit had come in at ₹803.9 crore a year earlier. However, net profit declined about 17% sequentially from ₹1,309.8 crore reported for the quarter ended December 2020.

Revenue from operations rose 2.5% ₹9,729.9 crore as against ₹9,490.2 crore in the year-earlier quarter. , the company said in a regulatory filing. For the full year 2020-21, the net profit was up 9.8% to ₹4,428 crore, while revenue from operations was higher by 2.7% at ₹37,855 crore. The Board of Directors has recommended a final dividend of ₹15 per equity share and a special dividend of ₹15 per equity share, it added.

The firm also announced the acquisition of U.S.-based Eventus Solutions Group for up to $44 million via Tech Mahindra (Americas) Inc., its wholly owned subsidiary. Headquartered in Denver, Colorado, Eventus Solutions Group offers end-to-end customer engagement solutions, such as strategy consulting, cloud-based tools and automation services, and managed services, has more than 100 employees and posted revenue of $33.2 million in 2020 for the financial year ending December 31, 2020.

“The acquisition will bolster consulting capabilities in customer experience (CX) and customer management space and will enable Tech Mahindra to build an industry leading consulting practice and move up the value chain in the BPS business,” the company said in a regulatory filing.

“Tech Mahindra will pay total consideration of up to $44 million including earnouts,” it added.

The transaction is expected to close by June 15, 2021.


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Printable version | Aug 2, 2021 5:54:09 PM | https://www.thehindu.com/business/tech-mahindra-q4-net-profit-increases-34/article34417550.ece

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