Tech Mahindra advanced 1.80% to Rs 1,426 after its subsidiaries, Healthnxt and Tech Mahindra Americas (TMA) approved merger of Healthnxt with the company.
Healthnxt and TMA’s businesses are complementary, therefore consolidating the organizations will result in synergy of company operations, optimize operating costs, and decrease compliance risk, stated Tech Mahindra.
Healthnxt is a virtual healthcare company that offers fully integrated inpatient experience at home and outsourced services. TMA provides computer consulting, programming support services and IT Management & Consulting Services to customers in various industries including Healthcare.
TMA is a wholly-owned material subsidiary of Tech Mahindra. Healthnxt is wholly-owned subsidiary of TMA and a step-down wholly-owned subsidiary of the company.
The turnover of Healthnxt and TMA for the financial year ended 31 March 2024 is $1.07 million and $1,153.28 million respectively.
Tech Mahindra is focused on leveraging next-generation technologies including 5G, blockchain, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.
The IT major’s consolidated net profit jumped 29.51% to Rs 661 crore despite of 1.76% decline in revenue from operations to Rs 12,871.3 crore in Q4 FY24 over Q3 FY24.
