Tech Mahindra Posts Strong Second Quarter Results, Net Up By 66.7%

Author: Mp Rana

Tech Mahindra on Tuesday reported its exceptional second quarter consolidated result for the period ended on 30 September, 2008. The net profit of the company for the second quarter took a significant jump of 66.7 percent to Rs 302.8 crore from Rs 181.6 crore for the same period last year. The revenues of the company rose 29 percent to Rs 1164.8 crore from Rs 897.5 crore in the corresponding period of the last fiscal year.

The depreciation of Rupee against the foreign currencies due to the financial turmoil impacted the other incomes of the company. Other incomes ended up with a loss of Rs 32 crore basically with regard to the hedging losses of around Rs 49 crore. The company also had Rs 67.3 crore tax writeback for this quarter.
	“The company is presently focusing on long term deals and has contract pipeline of around $2.5 billion for the upcoming years,” according to senior official of Tech Mahindra. The total client base of the company stood at 110 with no addition in this quarter. It has significantly derived its revenues from European nations of around 68.7 percent, 23.2 percent from the US countries and the rest 8.1 percent from the other countries around the globe. The consolidated headcount of Tech Mahindra has also improved from 24,369 to 25,135 in the last 3 months.