Tech Mahindra reports 26 per cent increase in September quarter net
Software exporter Tech Mahindra (TechM) on Monday reported a 26 per cent increase in its September quarter net profit at Rs 1,338.7 crore and expects to maintain the trajectory.
The company had posted a net profit of Rs 1,064.6 crore in the July-September quarter of 2020.
The Mahindra Group company’s overall revenue was up 16.1 per cent to Rs 10,881.3 crore in the second quarter of this fiscal and higher by 6.4 per cent — highest in a decade —when compared with the preceding June quarter.
The company’s rate of attrition climbed to 21 per cent at the end of September from 14 per cent in the year-ago period and 17 per cent in June.
Tech Mahindra’s managing director and chief executive C.P. Gurnani said attrition is a “complex” situation arising out of the higher demand for talent but expressed satisfaction at how the company has been able to manage it.
The company has acquired Lodestone, a digital engineering quality assurance provider for new age digital companies, for up to $105 million (about Rs 789 crore).
The Mumbai-based company has also acquired WMW by Born London Limited, UK for £9.4 million.
Birla AMC numbers
Aditya Birla Sun Life AMC on Monday reported a 38 per cent jump in profit at Rs 173.1 crore for September quarter 2021-22.
The company had posted a profit after tax of Rs 125.4 crore in the year-ago period.
Total revenues rose 28 per cent to Rs 372.2 crore from Rs 291 crore a year ago.
The company has declared an interim dividend Rs 5.60 per share for 2021-22.
“We continue to focus on increasing our overall assets under management by growing across different asset categories,” managing director and CEO A. Balasubramanian said.
HDFC AMC profit
HDFC Asset Management Company (AMC) on Monday reported a nearly 2 per cent growth in profit after tax at Rs 344.38 crore for the three months to September 2021. ?
In comparison, the firm had posted a PAT of Rs 338.06 crore in the same quarter of the preceding fiscal.
The company’s total income increased to Rs 608.4 crore during the period from Rs 569.95 crore a year ago.
HDFC AMC, investment manager to HDFC Mutual Fund, said its average assets under management surged by 17 per cent to Rs 4.39 lakh crore as of September 2021, from Rs 3.75 lakh crore in the same quarter of the preceding financial year.