Tech Mahindra Q1 profit falls 8% to Rs631 crore

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Revenue rose 24.8% to Rs.5,122 core in the June quarter, as compared with Rs.4,103 crore in the year-ago period. Tech Mahindra Ltd, India’s fifth-largest software services company, said fiscal first-quarter profit fell 8%, missing analysts estimates, on higher visa and hiring costs.

“While the company has amplified its intent to be a new-age system integration and serve digital opportunities, the revenues from new deals are still largely skewed towards traditional service lines,” said Sanchit Vir Gogia, chief analyst and chief executive officer of Greyhound Research.

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