Tech Mahindra's Q4 net climbs 16% to Rs 1,354 crore

Tech Mahindra on Wednesday reported a 16% year-on-year increase in quarterly net profit to Rs 1,354 crore, driven by improved operational performance and margin expansion. Sequentially, the March-quarter net profit was up by 20.7%.

Fourth-quarter revenue for the Mahindra Group's IT services arm came in at Rs 15,076 crore, up by 4.7% sequentially and 12.6% year-on-year, driven by large deal wins and growth across core verticals, including communications, BFSI (banking, financial services and insurance), technology, media and entertainment amid a tepid macro environment.

The company, however, missed market estimates on profitability but beat revenue projections. An ET poll had predicted a 27.7% quarter-on-quarter growth in net profit to Rs 1,432 crore, and revenue growth of 3.1% to Rs 14,838 crore. Chief executive Mohit Joshi said the company is on track to outperform the average growth rate among its peer group IT companies in FY27.