Tech Mahindra's Q4 consolidated net profit up 108%

Consulting and IT major Tech Mahindra on Friday posted a 107.82% increase in its consolidated net profit for the quarter ended March 31, 2018.

According to the company, its profit after tax for the quarter under review increased to Rs 1,222 crore from Rs 588 crore reported for the corresponding quarter of previous fiscal.

Revenue for the quarter was at Rs 8,054 crore, up 7.5% year-on-year (YoY) & up 3.6% sequentially. The EBITDA was at Rs 1,412 cr, up 57.1% YoY and 11.7% sequentially, while margins for the quarter were at 17.5%; up 120 bps on a quarterly basis.

For the full financial year, Tech Mahindra's consolidated net profit rose by 35.08% to Rs 3,799.8 crore from Rs 2,812.9 crore reported for 2016-17.

Commenting on the Q4 performance, Tech Mahindra's Managing Director and CEO C.P. Gurnani said: "Continued focus on operational metrics has led to improved performance though the year. Growth in digital areas is particularly encouraging. We remain focused on delivering value to our customers, while helping our employees FUTURise with constant innovation in the digital world"

In other major developments, the company's Board recommended a dividend of Rs 14 per share and announced that the CFO Milind Kulkarni would be retiring on 31st May on reaching the superannuation age. Manoj Bhat has been appointed as a Chief Financial Officer of the company with effect from 1st June 2018.