Tech Mahindra Q1 Net Profit Falls Short Of Expectations At Rs 8.98 bn

Software services exporter Tech Mahindra Ltd posted on Monday a lower-than-expected first-quarter profit, dented by higher expenses.

The company’s net profit rose to Rs 8.98 billion ($130.80 million) in the quarter ended June 30, from Rs 7.99 billion, a year earlier.

Analysts on average had expected a net profit of Rs 9.08 billion, according to estimates compiled by Thomson Reuters I/B/E/S.

Expenses for the quarter rose 8.2 per cent to Rs 72.31 billion.