Tech Mahindra Q2 net profit increases to ₹1,285 crore: Report

Tech Mahindra's Chief Executive Officer and Managing Director C P Gurnani described the market conditions as "evolving" and said that supply side challenges continue.

Tech Mahindra on Tuesday reported a 4 per cent increase in consolidated post tax profit to ₹1,285 crore in the September quarter.

An employee sits at the front desk inside Tech Mahindra’s office in Noida in this file photo. (Reuters Photo)

The country's fifth largest IT services exporter had reported a net profit of ₹1,339 crore in the year-ago period.

The company's overall revenue rose 20.7 per cent to ₹13,129 crore in the second quarter of the current fiscal. In the same period a year ago, it stood at ₹10,881 crore, according to a statement.

Tech Mahindra's Chief Executive Officer and Managing Director C P Gurnani described the market conditions as "evolving" and said that supply side challenges continue.

It reported a total contract value of newly signed deals at USD 716 million for the September quarter as against USD 750 million in the year-ago period and USD 802 million in the preceding June quarter.

The company added over 5,000 people to its headcount during the latest September quarter, taking the overall employee base to 1.63 lakh.

Shares of the company closed 0.43 per cent higher at ₹1.068.10 apiece on the BSE on Tuesday as against gains of 0.62 per cent on the benchmark.