Tech Mahindra Q4 results: Net Profit declined by 17.70% QoQ to Rs. 1,081.00 crores
Tech Mahindra Q4 results: It is an Indian multinational company that provides services in Information Technology (IT) and Consulting services across the world. However, the company works under the subsidiary of Mahindra Group headquartered in Pune. Whereas it is the fifth-largest company in India’s IT firms. In 2013, the company acquired Mahindra Satyam. The present chief executive officer (CEO) & managing director of the company is C.P. Gurnani.
Meanwhile, on Tuesday, April 27th, the shares of the company plunged almost 2% in the stock market. The main reason for this is the IT company reported its Q4 results for the financial year 2021-22. The companies consolidated net profit declined by 17.70% (QoQ) to Rs. 1,081.00 crores in Q4FY21. While the company also posted its consolidated net profit of Rs. 1,313.00 crores in the previous quarter ended in December 2020.
Moreover, the companies total revenue from operations increased by 0.90% QoQ to Rs. 9,729.90 crores as against Rs. 9,647.10 crores in Q3FY21. But, the analyst expects the profits of the company at Rs. 1,313 crores and revenue at Rs. 9,830 crores during the quarter ended on March 31st.
The IT services of the company reported almost 1% sequential growth in revenue of Rs. 8,673 crores. But the BPO segment revenue declined to Rs. 1,056.90 crores as against Rs. 1,056.60 crores in Q3FY21.
Whereas the revenue in terms of dollars increased by 1.60% to $1,329.60 million in Q4FY21, beating the estimates of the analysts. The company reported almost $22.17 billion in revenue for the financial year 2021-22.
“The company’s main focus on cutting-edge technology has expanded client engagement with large deal wins during the quarter. We are witnessing a strong demand acceleration and are committed to delivering a next-level human-centered experience of the future,” said CP Gurnani, Managing Director & Chief Executive Officer of Tech Mahindra.
On the other side, the company bagged projects worth almost $1.04 billion from clients during this quarter. The company added two clients in the $10 million bands and seven clients in the $5 million bands. So that the total count of the clients reached 1,007.
Besides, the IT company declared a final dividend & special dividend of Rs. 15 per equity share, which will be paid by August 11th, 2021 respectively.
While the companies revenue from banking, financial services, and insurance (BFSI) increased by 4.90% QoQ but retail, transport, and logistics businesses declined by 3.20% QoQ.
However, the shares of Tech Mahindra Limited on Tuesday reported a bearish trend in the stock market. It lost 5.65 points with a 0.59% decrease and reached 956.55 INR. While in BSE, the company lost 6.90 points with a 0.72% decrease and reached 956.25 INR.
Stock Market on April 27th:
On Tuesday, both Sensex and Nifty continue their bullish trend from the last session of the stock market. The Sensex is trading above 48,800 levels and nifty trading above 14,600 levels in the stock market. The Sensex gained 438.30 points with a 0.91% increase and reached 48,824.56 levels. While the nifty gained 129.10 points with a 0.89% increase and reached 14,614.40 levels.
On the other side, the number of coronavirus cases in India on Tuesday, April 27th reached 1,76,36,307 with almost 1,97,894 deaths.
In the border markets, the S&P BSE Small-Cap index reported a bullish trend in the stock market on Tuesday. It gained 253.19 points with a 1.19% increase and reached 21,443.77 levels. But, the S&P BSE Midcap gained 139.40 points with a 0.69% increase and reached a 20,212.67 level. While the Nifty Bank gained 349.25 points with a 1.08% increase and reached 32,615.45 level.
Top Gainers on April 27th: Hindalco Industries, Adani Ports, Reliance Industries, Larsen & Toubro, and Hero Motocorp are the top gainers in today’s stock market.
Top Losers on April 27th: HDFC Life, SBI Life Insurance, Kotak Mahindra Bank, Tech Mahindra, and Nestle India are the top losers in today’s stock market.