Tech Mahindra Q1 net profit up by 7.2 percent

Mumbai, July 27 (IANS) IT, networking and business support services company Tech Mahindra Limited on Monday said it posted an increase of 7.2 percent in its net profit at Rs. 676 crore during the first quarter of this fiscal.

Its net consolidated revenue in the period rose by 22.9 percent at Rs. 6,294 crore against Rs. 5,121.5 crore in the corresponding timeframe in 2014.

“Our results are in line with our expectations, but we sense traction across our markets and remain hopeful of improving our performance by expanding our business in the coming quarters,” company’s executive vice chairman, Vineet Nayyar said in a statement.

Expenses for the $3.8 billion company also increased by 27.4 percent at Rs.5,532 crore during the quarter ended June 30 against Rs.4,342.3 crore in the year-ago period.

During the quarter, the company entered into a strategic relationship with Comverse and was selected as a technology partner by Britain-based Circle Health among others.

The company said it has launched its fourth centre in Philippines’ Cebu to service global enterprise and telecommunication clients. It also opened new offices in Goteborg (Sweden) which is also the company’s first delivery centre in the country.

“Our strategic investments and initiatives across Digital are resonating well with the businesses we serve and holds potential to deliver opportunities that we can leverage upon,” said company’s managing director and CEO C.P. Gurnani.

With an active client base of 770 as on June 30 this year, the company total headcount stood at 103,673. The company’s cash and cash equivalent stood at Rs.3,350 crore until the end of the first fiscal quarter of the current financial year.

Share of Tech Mahindra Ltd were trading at Rs. 519 – up by 1.59 percent – on the Bombay Stock Exchange’s afternoon trade.

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