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  1. Tech Mahindra Q1 net profit up 7.2% to Rs 676.07 crore

Tech Mahindra Q1 net profit up 7.2% to Rs 676.07 crore

Revenues grew 22.9% to Rs 6,293.8 crore in the quarter from R5,121.50 crore in the same period last year

By: | Mumbai | Published: July 28, 2015 12:39 AM

IT major Tech Mahindra reported a 7.2% rise in the net profit at Rs 676.07 crore, on the back of forex gains and lower taxes, for the quarter ended June.

Revenues grew 22.9% to Rs 6,293.8 crore in the quarter from Rs 5,121.50 crore in the same period last year.

“Our results are on expected lines, but 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 in a statement.

In dollar terms, net profit was up 1.2% year-on-year at $106 million, while revenue grew 15.7% to $989 million.  IT accounted for Rs 5,843.23 crore of the revenues, while BPO contributed Rs 450.59 crore in the said quarter.

“Our strategic investments and initiatives across Digital are resonating well with the businesses we serve and holds potential to deliver opportunities that we can leverage upon,” Tech Mahindra’s managing director and CEO C P Gurnani said.

During the quarter, Tech Mahindra added 392 professionals taking its total headcount to 1,03,673 people. Of this, software headcount accounted for 71,997 people, while the number of BPO professionals stood at 24,394.

The company’s cash and cash equivalent stood at Rs 3,350 crore at the end of June 30, 2015.

Tech Mahindra shares closed at Rs 519 apiece, up 1.59 % from the previous day on the BSE.

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