Tech Mahindra reported 20.9% higher net profit at Rs.972 crore for the Jun-20 quarter. This was helped by a boost to other income and a low base. Numbers were far better than street consensus estimates. TECHM did report impairment of goodwill and non-current assets at Rs.218 crore. Revenues were 4% lower at Rs.9106 crore but good in tight conditions.

Tech Mahindra added 8% to their client tally to 981 during the quarter. However, there was a marginal decline in headcount. The operating metrics were not too encouraging with EBIT falling by 3.4% to Rs.917 crore, although EBIT margin grew to 10.1%. The IT major has focused on cash conservation in order to improve profitability.