Tech Mahindra net dips 3.6% to Rs 614.2 cr

Country's fifth largest IT services firm Tech Mahindra Ltd on Wednesday said its consolidated net profit has declined 3.6 per cent to Rs 614.2 crore for the quarter ended March 31, 2014.

This is against a net profit of Rs 637.7 crore in the January-March 2013 quarter, Tech Mahindra said in a statement. The company's consolidated revenues, which includes financials of erstwhile Satyam Computer, grew 34.2 per cent to Rs 5,058.1 crore in the said quarter as against Rs 3,767.3 crore in the corresponding quarter last fiscal.

The company said it has not obtained the audit opinion on the merged entity's consolidated financials for Q4 of 2012-13 and 2012-13. In US dollar terms, the company's net profit stood at $101 million, while revenue was up 18.2 per cent at $825 million.
"Our result this year is a reflection of our commitment towards growth and our passion to help our customers deal with the needs of a dramatically changing world, fuelled by hyper connectivity, and decisions at the speed of thought," Tech Mahindra Managing Director and CEO C P Gurnani said.

For the financial year ended March 31, 2014, the net profit stood at Rs 3,028.8 crore as against Rs 1,955.6 crore in 2012-13, up 54.8 per cent.

Revenues grew 31.3 per cent to Rs 18,831.4 crore in 2013-14 from Rs 14,332 crore in the previous fiscal.

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