Tech Mahindra Q2 profit rises 60%

Published: Wednesday, November 16, 2011, 11:45 [IST]
 
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Tech Mahindra Q2 profit rises 60%

India's fifth largest software services firm, Tech Mahindra reported a 60% rise in net profit for the quarter ended September 30. It's profit after tax (PAT) rose to Rs 240 crore during the quarter against Rs 150 crore reported a year ago.

The revenues of the the company stood at Rs 1,333 crore during the quarter against Rs 1,534 crore reported a year ago.

Tech Mahindra, which provides IT services to telecom industry saw a decline in its revenues from its major client British Telecommunication (BT). BT holds 30% stake in the company.

Though company has displayed steady growth during the quarter but it has raised concerns about the ongoing troubles in euro zone, the revenues of the company from Europe have come down to 47% against 51% reported in previous quarter.

It's EBITDA margin stood at Rs 204.2 crore during the quarter.

The company's debt clocked at Rs 1,422 crore as of September 30, 2011.

Commenting on the results, Vineet Nayyar, Vice Chairman, MD and CEO of Tech Mahindra said, “We have seen yet another quarter of steady growth. Our investment in capabilities has enabled us to achieve this inspite of some headwinds. We remain anchored to building and enhancing our service offerings to meet the needs of the changing market place.”

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