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TechM net dips 3%

Mumbai, May 14: Tech Mahindra — the country’s fifth largest IT services company — today reported a 3.6 per cent decline in consolidated net profit for the fourth quarter ended March.

The company posted a net profit of Rs 614.2 crore compared with Rs 637.7 crore in the same period last year.

Consolidated revenues, which include the financials of erstwhile Satyam Computer, grew 34.2 per cent to Rs 5,058.1 crore from Rs 3,767.3 crore in the corresponding quarter of the previous fiscal.

“Our result this year is a reflection of our commitment to growth and our passion to help our customers deal with the needs of a dramatically changing world, fuelled by hyper-connectivity, and decisions at the speed of thought,” Tech Mahindra managing director and chief executive officer C.P. Gurnani said.

For the financial year ended March, net profit increased 54.8 per cent to Rs 3,028.8 crore from Rs 1,955.6 crore in 2012-13. Revenue grew 31.3 per cent to Rs 18,831.4 crore from Rs 14,332 crore in the previous year.

“This has been a landmark year for Tech Mahindra with the creation of an integrated entity through one of the largest mergers in India. Our superior execution capabilities and ability to offer expanded service lines to customers will help to aid our future growth,” executive vice- chairman Vineet Nayyar said.

The company has proposed a dividend of Rs 20 per share for the year.

Tech Mahindra added 6,333 professionals during the year, taking the total headcount to 89,441 people.

 
 
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