Tech Mahindra Q2 net declines 5.3% to Rs 1,064 cr on higher expenses

IT services company Tech Mahindra on Friday reported a 5.3 per cent decline in net profit at Rs 1,064 crore in the September quarter (Q2FY21) on a year-on-year (YoY) basis owing to higher employee costs and other expenses. However, on a sequential quarter basis, the net profit grew 9.5 per cent.

Revenue for the quarter stood at Rs 9,372 crore, a growth of 3.3 per cent YoY and 2.9 per cent sequentially. The dollar revenue at $1,265.4 million, saw an increase of 2.9 per cent QoQ in constant currency terms. The Pune-headquartered firm expanded its operating margin by 390 basis