TechM posts modest revenue growth; margins at new high

Tech Mahindra Ltd kicked off the second half of the fiscal year with modest sequential revenue growth and outlined a cautious future, even as it neared the halfway mark of its three-year revival plan during which its operating margins doubled.

- Jas Bardia

The Pune-based information technology (IT) services company reported $1.59 billion in revenue for the July-September period, up 1.4% sequentially but down 0.2% on a yearly basis. Most of the growth came from manufacturers, which made up three-fifths of the company’s incremental revenue of $22 million. Its net profit rose 1.5% to $135 million.

The company’s management said the macroeconomic environment was stabilizing, but concerns existed.