IT major Tech Mahindra on Thursday posted 29 per cent year-on-year fall in profit at Rs 804 crore for the January to March quarter (Q4 FY20).
The company had posted a net profit of Rs 1,133 crore in the corresponding quarter a year ago and Rs 1,146 crore profit in the October to December quarter of FY20.
Revenue from operations in Q4 FY20 stood at Rs 9,490 crore as compared to Rs 8,892 crore reported in Q4 FY19 but down from Rs 9,655 crore in Q3 FY20.
C P Gurn, Managing Director and Chief Executive Officer, said COVID-19 has brought an unprecedented change in business model for the IT industry.
"While the demand traction seen through the first three quarters of fiscal 19-20 reversed in Q4, we expect that the focus on digital transformation, remote working and network modernisation will recover in the medium term," he said in a statement.
"The company has shown a strong growth for fiscal 20 and we remain committed to deliver sustainable solutions to our customers enabling them to adopt to new normal," said Gurn.
The board of directors has recommended a dividend of Rs 5 per share on par value of Rs 5 for the financial year ended March.
( With inputs from ANI )