Tech M Q1 profit rises 6.8% to Rs 959 crores

New Delhi: IT company Tech Mahindra posted a 6.8 per cent increase in net profit to Rs 959.3 crore for the first quarter of 2019-20 compared to Rs 897.9 crore in the same quarter of last year.

Total income of Tech Mahindra increased by 7.2 per cent to Rs 8,994.3 crore during the reported quarter from Rs 8,387.7 crore in the corresponding quarter of 2018-19.

"We are very encouraged to see TCV deal wins worth close to half a billion $ across Enterprise and Communications.

We remain optimistic on the demand environment, evident from a very strong pipeline and deal conversions," Tech Mahindra MD & CEO, CP Gurnani said in a statement.

"Digital will continue to be a primary growth driver underscoring our collaborative approach through TechMNxt platform," he added.

Business seasonality has affected revenue and margins this quarter, Tech Mahindra CFO Manoj Bhat said.

"Our focus on automation and artificial intelligence will help realise operational efficiencies as we look to accelerate growth through the year," Bhat said.

Moreover, the IT firm on Tuesday said it has acquired US-based strategic design consultancy firm Mad*Pow.