Tech Mahindra Q1 FY22 profit after tax jumps by 39% to Rs 972cr

Tech Mahindra has reported a 39.2% growth in its profit after tax (PAT) for the first quarter of the fiscal year 2022 (Q1 FY22) at INR 1,353 crores ($183.2 million), compared to INR 972 crores ($130 million) in the same quarter of the previous fiscal year.

The diluted earnings per share (EPS) of the Indian IT company for the quarter ended 30 June 2021 were INR 15.32, compared to INR 11.07 in Q1 FY21.

Tech Mahindra Q1 FY22 revenue was INR 10,197 crores ($1.37 billion), a 12% increase compared to INR 9,106 crores ($1.22 billion).

The company’s EBITDA for the reported quarter is INR 1,876 crores, which is an increase of 44.3% year-over-year (YoY).

Tech Mahindra said that its headcount during the Q1 FY22 increased by more than 5,200 to 126,263.

Tech Mahindra Q1 FY22 profit after tax jumps by 39.2% to Rs 972cr. Photo courtesy of Free-Photos from Pixabay.

CEO comments on Tech Mahindra Q1 FY22 results

CP Gurnani — Tech Mahindra Managing Director and CEO, commenting on Tech Mahindra Q1 FY22 results, said: “We have witnessed an all rounded performance this quarter with growth across our key markets and industry sectors. We continue to see strong traction in large deal wins as we are helping our customers in integrated digital transformation.

“Our focus on key technology pillars wrapped around experience-led approach with TechM Nxt.Now will help us to capitalize on the strong demand momentum.”

Tech Mahindra latest deals

Last month, Tech Mahindra signed a $29 million deal to acquire US-based cloud consultant Brainscale. In April 2021, the company announced two acquisitions that of US-based business process services provider Eventus Solutions Group for $44 million and hybrid cloud and DevOps firm DigitalOnUS for $120 million.