INSUBCONTINENT EXCLUSIVE:
Tech Mahindra's second quarter profit dips marginallyIT major Tech Mahindra recorded a meagre slide in its net profit for second quarter
of the current fiscal, which stood at Rs 1,339 crore, one per cent down from Rs 1,353 crore recorded in the first quarter of 2021-22.On a
year-on-year basis though, the company's profit went up by 25.8 per cent from Rs 1,065 crore.Revenue for the July-September quarter of the
current fiscal stood at Rs 10,881 crore, 6.7 per cent higher than Rs 10,198 crore recorded in the April-June quarter of 2021-22.On a
year.Tech Mahindra's revenue from IT services were Rs 9,576 crore during the September-end period, rising by 6.2 per cent over Rs 9,016
crore registered in June-end quarter
On a year-on-year basis, it increased by 13.7 percent from Rs 8,419 crore.Commenting on the company's results, managing director and CEO
of the company C P Gurnani said, "We remain committed to delivering long-term sustainable and profitable growth for the company
Mahindra also announced acquisitions of two companies - US-based Infostar LLC and London-based We Make Websites Limited (WMW), for $105
million and $13 million, respectively to strengthen its digital portfolio.Infostar LLC is a digital product engineering company that
The company was acquired for 9.4 million pounds.
