Tech Mahindra, on Monday, announced a 27 per cent rise in its consolidated net profit for the first quarter of 2013-14 at Rs.686 crore. Revenue was up 22 per cent at Rs.4,103 crore. The operating profit was up 17 per cent at Rs.864 crore.
In June 2013, Tech Mahindra had announced the completion of the merger of Mahindra Satyam to create the country’s fifth largest IT company. “We have completed one of the largest mergers in Indian corporate space this quarter in a seamless fashion, fulfilling the commitment we made in April 2008,” Vineet Nayyar, Executive Vice-Chairman, Tech Mahindra, said in a statement.
The company’s debt has declined by Rs.413 crore during the quarter to Rs 747 crore. Total headcount for the year was 83,063. It had 567 active clients at the end of the quarter. During the quarter, the company launched a new branch in Istanbul, Turkey.
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The company also set up its first European testing laboratory in Sweden to provide solutions to device manufacturers.
On the Bombay Stock Exchange, the company’s share price rose by Rs.21.25 to close at Rs.1,265.8.