Tech Mahindra post lower than expected profit

Bengaluru: Tech Mahindra Ltd, India's fifth-largest software service provider, posted a lower-than-expected fourth-quarter consolidated profit on Friday, hurt by higher taxes.

Consolidated net profit for the quarter ended March 31, fell to 5.90 billion rupees ($91.53 million), from 8.76 billion rupees a year earlier, the company said.

Analysts on average had expected March-quarter consolidated profit at 7.83 billion rupees, Thomson Reuters data showed. Consolidated total tax expenses surged 28 pct to 2.32 billion rupees.