Tech Mahindra net up 52 percent

July 21st, 2008 - 8:32 pm ICT by IANS  


Mumbai, July 21 (IANS)Tech Mahindra, one of the largest solution providers in the Indian telecom space, announced Monday a 52 percent growth in its profit after tax and 27 percent growth in revenue in the first quarter of the current fiscal over the comparable period of last fiscal. In rupee terms, the company reported consolidated net profit after tax of Rs 2.59 billion ($62.5 million) in the first quarter of the current fiscal against Rs 1.70 billion ($41.3 million) in the comparable period of last year, a company statement said.

During the quarter, the company’s revenue was Rs.11.16 billion ($279.9 million) as against Rs.8.76 billion ($210.9 million) in the comparable period of last year, the statement said.

The company derived 22 percent, 72 percent and 6 percent of its revenues respectively from the US, Europe and rest of the world. The number of clients of the company increased from 107 in March 2008 to 110 in June 2008, the statement said.

Tech Mahindra chairman Anand Mahindra said, “Tech Mahindra has again demonstrated its leadership in the telecom domain. Despite external pressure, Tech Mahindra delivered a robust growth.”

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