HOME > BUSINESS > Tech Mahindra net profit down 31% due to rupee, poor growth

Tech Mahindra net profit down 31% due to rupee, poor growth

Tech Mahindra said its revenue fell 0.8% quarter on quarter in the three months ended March to Rs 7,495 crore, while net profit fell 31% to Rs 588 cr.

In dollar terms, revenue rose 1.3% quarter on quarter and in constant currency terms, it was up 0.9% QoQ.

In dollar terms, operating profit fell 22% QoQ and net profit was down by 29.3% QoQ.

“Information Technology, the World over is going through a major shift with demand patterns Changing Constantly,” said Vineet Nayyar, Vice Chairman, Tech Mahindra.

“Most businesses are also battling the geopolitical uncertainties and as a Digital Transformation Company, we see these as huge opportunities in the future. Our Clients are approaching us With more problems to solve than ever before – that is definitely a happy problem to deal with.”

CP Gurnani, Managing Director said the industry was going through a “paradigm shift” amid changing demand pattern from the clients, technological changes and requirement for significant skill enhancement.

“We have responded to those Changes quite proactively by reimagining the business, imbibing a Culture of innovation encouraging reskilling and retraining of our workforce wherever necessary.

Follow ULTRA.news
IT woes to bring down real estate rentals in Bangalore, IT hubs With IT sector witnessing subdued sentiment amidst pressure on hiring and annual pay rise for employees, the country's software and services hubs such as Bengaluru, Hyderabad, Chennai, Pune and Noida-Gurgaon in NCR are expected to see 10-20 per cent reduction in the housing rents...
TCS to create apps on Siemen’s IoT platform MindSphere Tata Consultancy Services said it will create applications on MindSphere, the cloud-based, open IoT operating system from Siemens.TCS CEO Rajesh GopinathanIoT stands for 'Internet of Things' and refers to connectivity between two machines over the Internet, with zero h...
Jet Airways posts profit of Rs 23 cr for Q4 Jet Airways Group today announced its second successive profitable year for the year ended Mar. 31, 2017.For Q4 of FY17, the group reported a net profit of INR 23 crores. The Group reported a consolidated profit of INR 438 crores for the year. "Despite the challenges po...
Larsen & Toubro reports 12% increase in sales, 30% in profit Larsen & Toubro recorded revenue of Rs 36,828 crore for the final quarter of the financial year, recording an increase of 12% on a y-o-y basis.The overall PAT for the quarter January to March 2017 stood at Rs 3,025 crore higher by 29.5%, as compared to Rs 2,335 crore reco...
IGL profit up 23% in fourth quarter, sales up 13% Indraprastha Gas Limited, the supplier of Compressed Natural Gas and Piped Natural Gas in the National Capital Territory of Delhi, Noida, Greater Noida & Ghaziabad today announced its Q4 results.The company’s net profit for the three months ended March increased from Rs. ...
SpiceJet introduces self check-in for baggage in Mumbai SpiceJet has introduced self check-in for baggage at Mumbai’s Chhatrapati Shivaji domestic airport.Customers flying with SpiceJet can now simply check-in their baggage at the self-service kiosks themselves up to 45 minutes prior to the departure time."Independent of...
Bharti Airtel is successfully adopting the Reliance Jio model It is not every day that a new entrant forces the established players in the market to overhaul their business models. But Reliance Jio seems to be doing just that, and rivals like Bharti Airtel are proving to be quick, if slightly unwilling, learners.In the three months from...
Wipro rebrands itself, reveals new logo Outsourced services provider Wipro Ltd said it was undergoing a rebranding to reflect its evolving business."The new brand identity signifies a higher level of engagement and brand permission that helps clients leverage Wipro’s expertise to address their business requirement...
Vitara Brezza lifts Maruti Suzuki’s fortunes in FY17 New Maruti Suzuki Dzire 2017 model to be launched next monthMaruti Suzuki said its revenue increased 20.3% in the three months from January to March this year compared to the same quarter last year, while net profit jumped 16%."Growth in volumes, increase in share of the...
WATCH LIVE – Moving towards a less visa-dependent model : TCS New TCS CEO Rajesh GopinathanTata Consultancy Services has reported Q4 revenue of Rs 29,642 cr, a decline of 0.3%, and said his company will wait and see about new US visa regulations that are scheduled to come out today.NEW VISA RULESOn new visa regulations expected...
Infosys guides for FY18 growth of 6.5-8.5% in constant currency Infosys Q4 resultsInfosys Ltd said it expects its revenue to grow by a modest 6.5-8.5%, stripped off the impact of currency movements, in the year that started this month.The street was expecting a guidance of 7-9% growth.The guidance is well below the traditional gu...
Reliance Jio carries 80% of traffic on next-gen Internet technology IPv6 roll-out on Jio. source:APNICReliance Jio, the new entrant to India's telecom landscape, is carrying nearly 80% of its traffic in the next-generation Internet technology, a senior official of the company said.Internet Protocol or IP is one of the languages used by machi...
Wipro reports poor third-quarter, outlook for 1-2% growth Wipro Ltd has reported poor third quarter results.The highlights are as follows.Gross Revenues were 136.9 billion ($2 billion), an increase of 6.4% YoY.Net Income was 21.1 billion, a decrease of 5.7% year on year.Both numbers are below market expectations. ...
Tech Mahindra opens robotics, AI and digital services center in Dublin IT services provider Tech Mahindra opened a new facility in Dublin, Ireland to focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services.The new centre would employ around 150 engineers over the next three ye...
Muthoot Group offers online Will generation facility under tie-up with WillJini The Muthoot Group said its broking and wealth management division, Muthoot Securities Limited, launched iWill -- a service which offers online will writing in just 30 minutes.Muthoot Securities has launched this product in association with WillJini Succession Services Private...
Cyberinc to launch malware isolation product in India Cyberinc, an Aurionpro solutions company, said it will launch a malware isolation product ‘Isla’ in India on December 1st.“Cyberinc's Isla web malware isolation system protects organizations from the most advanced web borne threats by isolating all web content outside the net...
Infosys invests TidalScale, provider of simple supercomputing software Technology provider Infosys said it made investment in TidalScale, a provider of software-defined server.No details about the financial aspects of the investment were made public.TidalScale's offering, in many ways, is the opposite of virtualization. While virtualizat...
Mindtree opens new Salesforce facility in Germany IT services provider Mindtree said it launched a new salesforce facility in Munich, Germany.This salesforce centre of excellence is anchored by Magnet 360, a salesforce partner and wholly-owned subsidiary of Mindtree.Salesforce is the world’s leading pureplay cloud player...
KEC International reports 22.5% rise in operating profit KEC International Ltd, the infrastructure unit of RPG Group, reported a 22.5% rise in EBITDA to Rs 185 cr for its second quarter of FY17.EBITDA margin, which shows how profitable the company’s operations are, increased by 140 bps to 8.7% from 7.3%, reflecting a 28.11% growth ...
Zensar wins Oracle deal from US catalog retailer Full Beauty IT services provider ZenSar Technologies said it won a contract to implement Oracle Applications Release 12 to tranform the financial and procurement processes of e-commerce and catalog retailer Full Beauty Brands .FullBeauty Brands is a leading American plus-size women's and...
Cognizant cuts FY growth guidance to 8.5%-9.0% from 8.5%-9.5% Cognizant, the low-margin, high-growth IT services company, seems to also have fallen prey to the ongoing slowness in the IT outsourcing sector.The company reported revenue growth of just 2.5% -- less than that of Infosys -- for the third quarter of this calendar year. Infosy...
Wipro joins the Open Banking bandwagon, releases new platform Wipro Limited launched its offerings that use Open Banking API technological platform.Open Banking platform is a Europe-based standard that lets third party developers build applications and services that tap into a bank's core services and infrastructure.For example, on...
Yes Bank unveils Aadhaar-powered billing machine for small companies Yes Bank has introduced a new billing machine for small businesses tying together Card & UPI payments, Aadhaar E-KYC and Aadhaar E-signing on a ready-to-use basis.This will help small and medium businesses to do their billing and accept payments and also disburse small lo...
Cognizant to help transform Future Group’s consumer business Cognizant said that it has entered into a partnership with Future Group, an Indian multi-brand retailer, to transform its consumer goods business, Future Consumer Limited (FCL), into a connected enterprise.“In an era where data, insights and supply chain intelligence are cruc...
L&T partners with Microsoft to set up “Green Campuses” L&T Technology Services, the information technology company of the L&T group, said it has partnered with Microsoft Corporation to offer a solution to lower energy bills and cost of maintenance.L&T Technology Service's Integrated Building Energy Management Syst...