Indian IT services firm Tech Mahindra Ltd. reported revenue rose 20.7% year over year to INR 131.30 billion (US$1.61 billion) in its fiscal second quarter ended 30 September. However, gross margin declined on a year-over-year basis.

“We continue to focus on being resilient and agile to ensure long-term value for our people, customers, partners, and the society at large,” Managing Director and CEO CP Gurnani said.

Tech Mahindra reported headcount at the company rose to a total of 163,912, up 3.7% from the previous quarter.

Tech Mahindra shares closed yesterday at INR 1,070.90 (USD 12.94), up 0.70% on the day. The company has a market cap of INR 1.05 trillion (USD 12.69 billion).