Tech Mahindra Q3 net zooms to Rs 1,010 crore

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SummaryTech Mahindra has reported a consolidated net profit of Rs 1009.82 crore for the third quarter...

Tech Mahindra has reported a consolidated net profit of Rs 1009.82 crore for the third quarter as against Rs 275.75 crore in the corresponding quarter last fiscal, registering a 214% growth on y-o-y basis. Sequentially, the IT firm's net profit moved north by 40.6%.The company attributed the significant growth to strong performances by key verticals such as telecom, manufacturing and BFSI. Total revenue in the period stood at Rs 4,899 crore, up by 33.5% y-o-y and 2.7% q-o-q.

On a standalone basis, the company posted 389% jump in net profit to touch Rs 924.65 crore as against Rs 189.09 crore in the same quarter last fiscal. Its standalone revenue stood at Rs 4180.57 crore for the quarter as compared to Rs 1518.97 crore in the year ago period, registering 175% growth.

Speaking to reporters after the company's board of directors met in Chennai on Tuesday, Vineet Nayyar, executive vice chairman, said: “We are pleased to report another successful quarter. We remain confident of the success of our differentiated offerings”. He said the good performance can be directly linked to the revival in global economy.

He said the US and European markets have become positive. As the European market has become more cost conscious, Indian IT companies like Tech Mahindra can stay more relevant. Similarly, Asian markets are also staying well and demand is coming. " For us Australia and New Zealand are key markets and we are also making headway in West Asia," Nayyar said.

The merger of Mahindra Engineering Services with Tech Mahindra will see the creation of a prominent player, providing engineering services from India with strengths in aerospace and automotive verticals. MES has more than 1,300 employees and revenue of R250 crore in FY13, he said.

GP Gurnani, MD-CEO, said: “Our results are testimony to the fact that our strategy and investments are aligned with market drivers and demands. Our focus on connected solutions for digital enterprise will continue to drive this momentum.” The firm's debt stood at R342 crore as of December 31.

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