JOIN USTech Mahindra has reported a 43.2 per cent increase in net profit for the first quarter ended June 30, 2015, at Rs 676.1 crore as compared with Rs 472.1 crore in the fourth quarter of the previous fiscal.
The revenues increased 2.9 per cent to Rs 6,293.8 crore as against Rs 6,116.8 crore in the sequential quarter. “A forex gain of $14.7 million as against a loss of $25 million helped profits during the quarter,” Tech Mahindra CFO Milind Kulkarni said.
Active client base for the company during the quarter stood at 770 while the total headcount stood at 1,03,673. During the quarter, the company added 392 professionals.
According to Tech Mahindra CEO C P Gurnani, the company is increasing its revenues from the digital vertical and is also working on increasing utilisation levels.
“More than 10-11 per cent of our revenues would be only from digital services in FY16,” Gurnani said, adding that the company is working on a utilisation target of 78 per cent which it hopes to achieve in about four months. The company’s current utilisation is at 74 per cent.
“We sense traction across our markets and remain hopeful of improving our performance by expanding our business in coming quarters,” Executive Vice Chairman Vineet Nayyar said.