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.

Tech Mahindra Ltd India’s fifth-largest IT company, posted a lower-than-expected fourth-quarter consolidated profit on Friday, hurt by higher taxes.

Tech Mahindra missed Q4 estimates as profits fell 33%. (HT Archive)

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)