Tech Mahindra posts 5.1% increase in revenue to Rs 9,070 crore

IT services provider Tech Mahindra has posted 5.1 percent increase in revenue to Rs 9,070 crore for the quarter ended September 30.
Tech Mahindra Lab
Tech Mahindra has achieved 5.6 percent increase in net profit at Rs 1,124 crore. Tech Mahindra’s profit, in dollar terms, was $158.6 million, while revenue was $1.28 billion during the September quarter.

Tech Mahindra announced that it will acquire US-based Born Group at an enterprise value of $95 million.

“Our consistent large deal win is a testimony of our differentiation in the marketplace. Digital continues to be a strong growth driver as we help our customers in digital transformation journey,” Tech Mahindra Managing Director and CEO CP Gurnani said.

Tech Mahindra earlier signed a multi-year IT agreement with American telecom operator AT&T to expand the operator’s strategic collaboration, shared services modernisation and movement to the cloud.

Tech Mahindra announced the acquisition US-based Born Group. “The enterprise value is $95 million. $25 million will be paid out linked to achievement of financial targets for the financial year ending December 31, 2019,” Tech Mahindra said in a regulatory filing.

Born Group is the largest integrated agency for strategy, creative content and commerce offerings with strong technology capabilities with offices in London, Singapore, Hong Kong and India, and has over 1,100 employees. Incorporated in 2014, Born’s turnover was $50 million in 2018.

“The acquisition will enhance Tech Mahindra’s transformation consulting capabilities through addition of creative and design skills, technology and analytics platforms and commerce expertise,” Tech Mahindra said.

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