Tech Mahindra Q1 Results

In constant currency terms, revenue grew 3.7 per cent, it said in its press release.

Key things to watch out for in the commentary include timeline for 5G deal flow and impact of US ban on Huawei on 5G adoption, health of enterprise business especially in the manufacturing vertical

The company said that decline in net profit sequentially was due to a large gain from a land deal in the previous quarter

Tech Mahindra, fifth largest IT services firm, said first quarter profits rose 6.5 per cent to Rs 798.6 crore beating street estimates as it saw clients spend more on digital deals.The firm said revenues grew 6 per cent to Rs 7336.1 crore, beating street estimates. The Mumbai-based Tech Mahindra had reported profit of Rs 749.3 crore on revenue of Rs 6921 crore in the same period last year. Tech Mahindra revenue in dollars, the currency it bills majority of its customers, increased 0.6 per cent to Rs $ 1.14 billion over the previous quarter. Operating margins improved to 12.7 per cent, up 0.70 basis points from the quarter to March.A Bloomberg estimate expected Tech Mahindra to report profits of Rs 605 crore on revenue of Rs 7268 crore. Analysts had expected margins to be weaker, but a combination of cost rationalisation, improved efficiency and focus on more valuable digital deals lifted margins."Our June quarter performance reflects that we are moving in the right direction. We ...