The Telegraph
Wednesday , February 5 , 2014
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TechM profit leaps

The company earned a net profit of Rs 321.5 crore in the same period a year ago. The robust performance can also be attributed to a one-time gain of Rs 120 crore.

Consolidated revenues grew 33.5 per cent to Rs 4,898.5 crore from Rs 3,668.3 crore in the year-ago period.

“Growth has come from our main verticals — telecom, manufacturing and BFSI (banking, financial services and insurance). We remain confident of the success of our differentiated offerings,” executive vice-chairman Vineet Nayyar said.

In dollar terms, revenues grew 17.2 per cent year-on-year to $791 million, while net profit was 175.7 per cent higher at $163.1 million.

During the reporting quarter, Tech Mahindra hired 2,165 employees, taking its total headcount to 87,399.

The company had a debt of Rs 342 crore as on December 31, while cash and cash equivalents stood at Rs 3,459 crore.

During the quarter, Tech Mahindra had announced its merger with Mahindra Engineering Services.

The US accounted for 46 per cent of its revenues, Europe contributed 33 per cent and the rest of the world, 21 per cent.

Telecom’s share in earnings stood at 44 per cent, followed by manufacturing at 19 per cent.

The Tech Mahindra scrip today rose 0.28 per cent to Rs 1,769.50 on the Bombay Stock Exchange.