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Tech Mahindra Q3 beats estimates; profit jumps 23%, dollar revenue up 3.4%

The communications segment registered a 3.6 percent sequential growth and enterprise business grew by 2.3 percent in constant currency.

January 29, 2021 / 06:05 PM IST
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Tech Mahindra, the country's fifth-largest IT company by market capitalisation, on January 29 reported better-than-expected earnings for the December quarter, with profit rising 23 percent sequentially to Rs 1,309.8 crore led by operating income.

Revenue from operations in Q3FY21 grew by 2.9 percent quarter-on-quarter to Rs 9,647.1 crore and dollar revenue at $1,308.7 million increased by 3.4 percent compared to the previous quarter.

"Our focus on operational excellence has again yielded results as we structurally change our delivery model. We are seeing consistent improvement in our operating metrics and we are confident of continuing on this transformation journey in the coming quarters," Chief Financial Officer Manoj Bhat said.

The numbers were ahead of analysts' estimates. A  CNBC-TV18 poll pegged the profit at Rs 1,166 crore on revenue of Rs 9,590 crore and dollar revenue was expected at $1,297.5 million.