Mumbai : IT services provider Tech Mahindra on Friday reported a 39 per cent jump in its consolidated net profit for March 2022 quarter at Rs 1,678.4 crore, and exuded confidence that the positive business momentum will continue in the current fiscal. On a standalone basis, the Mahindra group company reported a post-tax profit at Rs 1,505 crore in the quarter under review as against Rs 1,081 crore a year ago. The fifth-largest IT services company closed FY22 with a standalone profit of Rs 5,566 crore as against Rs 4,428 crore in FY21.Revenue from operations grew to Rs 12,116 crore during the reporting quarter as against Rs 9,729 crore in the year-ago period, while forex increase helped in a gain on the company’s other income which stood at Rs 320 crore as against Rs 32.6 crore. The company closed the quarter with a total contract value of USD 1 billion and the fiscal with USD 3 billion in the new deals. Wins during the quarter included a 5G operator in Europe and others in areas like retail and healthcare, company officials said.
Its managing director and chief executive C P Gurnani said he is ”lot confident” about the business momentum continuing in FY23 as well. Its president for corporate strategy Vivek Agarwal said the company expects its mainstay of communications, media and entertainment, and also the upcoming metaverse offerings are gaining traction in the new fiscal.
Agarwal added that the demand environment is robust and there has not been any impact of the geopolitical tensions triggered by the Russian invasion of Ukraine or other developments like the runaway inflation in the US.