Profit more than doubles to ₹12.2 bn
India’s Tech Mahindra Ltd. posted a quarterly profit on Friday that handily beat analysts’ estimates, boosted by a rise in deal wins and the rupee’s weakness against the U.S. dollar.
The software services exporter saw a rise of 8.3% in the number of active clients, and strong growth in deal wins in the $5 million and $10 million client categories.
Foreign exchange gains
Gains from foreign exchange rose almost 8% to ₹1.74 billion in the fourth quarter ended March 31, Tech Mahindra said. Net profit more than doubled to ₹12.2 billion, beating analysts’ average estimate of ₹9.34 billion, according to Thomson Reuters data. Revenue from operations rose 7.5% to ₹80.6 billion.
Bigger rivals Infosys Ltd. and Wipro have raised concerns over the outlook for the current year, while Tata Consultancy Services Ltd., the country's top software services exporter, seems upbeat. Tech Mahindra also named Manoj Bhat as CFO, to succeed Milind Kulkarni who retires this month.
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