Tech Mahindra fourth-quarter profit dives 33%, misses estimates
Tech Mahindra Ltd India’s fifth-largest software service provider, posted a lower-than-expected fourth-quarter consolidated profit on Friday, hurt by higher taxes.business Updated: May 26, 2017 17:15 IST
Tech Mahindra Ltd India’s fifth-largest IT company, posted a lower-than-expected fourth-quarter consolidated profit on Friday, hurt by higher taxes.
Consolidated net profit for the quarter ended March 31, fell to 5.90 billion rupees ($91.53 million), from 8.76 billion rupees a year earlier, the company said.
Analysts on average had expected March-quarter consolidated profit at 7.83 billion rupees, Thomson Reuters data showed.
Consolidated total tax expenses surged 28% to 2.32 billion rupees.
(Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sherry Jacob-Phillips)