Tech Mahindra, the country’s fifth largest software services company announced a drop of 20 per cent in its net profit for the third quarter of 2014-15 at Rs 805.3 crore. The company’s revenue for the period, however, rose 17.4 per cent to 5,752 crore. During the period, operating profit was up 6 per cent 1,160 crore.
``Despite seasonal weakness of the third quarter and currency volatility, Tech Mahindra turned in a fairly robust performance,’’ Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said in a statement. ``Our continued focus on operational performance is yielding tangible results for our stakeholders.’’
The company said the total headcount at the end of the quarter was at 98,008 with 2,700 professionals added during the period of which software headcount was at 67,592 while BPO headcount was at 23,566. The active client count rose to 674 (649) over the preceding quarter.
Board approves 1:1 Bonus, stock split
The company said its Board of directors approved the proposal to issue 1:1 bonus shares and sub-division of its equity shares in the ratio of 2:1 (two equity shares of Rs 5 each for every one equity share of Rs 10 each). The record date is to be yet decided.
The results were announced after market hours but on the Bombay Stock Exchange on Friday, Tech Mahindra reacted by 0.83 per cent to close the week at Rs 2,878.3.
