IT services firm Tech Mahindra Ltd. (TECHM:NSI) reported revenue rose 2.5% in its fiscal fourth quarter ended March 31. Profit surged 34.5%. and gross margin also improved at the Pune, India-based firm.
Total headcount was down by 847 quarter over quarter to 121,054.
Tech Mahindra last year acquired Brainscale Inc., a provider of IT services based in Princeton, New Jersey.
| (INR millions) | Q4 2021 | Q4 2020 | % change | Q4 2021 (USD millions) |
| Revenue | 97,299 | 94,902 | 2.5% | 1,286 |
| Gross profit | 32,803 | 28,006 | 17.1% | 434 |
| Gross margin | 33.7% | 29.5% | ||
| Profit after tax | 10,814 | 8,039 | 34.5% | 143 |
“Our continued focus on cutting-edge technologies has expanded client engagement with large deal wins this quarter,” said CP Gurnani, managing director and CEO of Tech Mahindra. “We are witnessing a strong demand acceleration and are committed towards delivering a next-level human-centered experience of the future.”
It also has been engaged by a leading American network equipment provider as a cloud transformation partner, the company reported.
Fiscal-year 2021
| (INR millions) | FY 2021 | FY 2020 | % change | FY 2021 (USD millions) |
| Revenue | 378,551 | 368,677 | 2.7% | 5,004 |
| Gross profit | 119,996 | 108,934 | 10.2% | 1,586 |
| Gross margin | 31.7% | 29.5% | ||
| Profit after tax | 44,280 | 40,330 | 9.8% | 585 |
Share price and market cap
Shares in Tech Mahindra closed down 0.82% at INR 1,202.85 (USD 15.55) on Friday in India; shares were 30.75% above the 52-week low, according to FT.com. The company had a market cap of INR 1.21 trillion (USD 15.6 million).