IT services firm Tech Mahindra, on Thursday, posted a 57.6 per cent growth in consolidated net profit at Rs. 718.40 crore for the second quarter ended September 30, aided by growth across verticals especially retail, travel and logistics. The company had posted a net profit of Rs. 455.80 crore in the July-September quarter of 2012-13 fiscal, it said in a statement.
Consolidated revenues of India’s fifth largest software services exporter grew 35.4 per cent at Rs. 4,771.50 crore in the second quarter this fiscal against Rs. 3,523.70 crore in the year-ago period, it added.
The company said it had not obtained the audit opinion on the merged entity’s consolidated financials for the second quarter of last fiscal.
In June this year, Tech Mahindra had announced completion of Mahindra Satyam’s merger with itself to a firm with a turnover of $2.7 billion. On a quarter-on-quarter basis, Tech Mahindra’s net profit rose 4.7 per cent, while revenues were up 16.3 per cent.
Commenting on the earnings, Tech Mahindra Executive Vice-Chairman Vineet Nayyar said: “I am confident of our alignment with the needs of next generation consumers, with industry best practices and core strengths that our solutions bring.”
In dollar terms, the company posted revenues of $758 million (up 17.6 per cent year-on-year and 4.7 per cent quarter-on-quarter), while the net profit stood at $114 million, up 36.4 per cent year-on-year.
