February 5, 2019 / 10:19 AM / 5 months ago

Tech Mahindra quarterly profit surges 28 percent, tops estimate

An employee sits at the front desk inside Tech Mahindra office building in Noida on the outskirts of New Delhi March 18, 2013. Picture taken March 18, 2013. REUTERS/Adnan Abidi/File Photo

(Reuters) - Software services exporter Tech Mahindra Ltd posted on Tuesday a better-than-expected third-quarter net profit, boosted by robust growth in its IT business.

Net profit came in at 12.03 billion rupees ($167.71 million), in the three months ended Dec. 31, compared with 9.43 billion rupees a year earlier, the company said.

Analysts on average had expected a quarterly profit of 11.03 billion rupees, according to Refinitiv data.

Revenue from operations jumped 15 percent to 89.44 billion rupees, while revenue from its IT service unit climbed 14.4 percent.

($1 = 71.7310 rupees)

Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips

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