Tech Mahindra profit surges 49% at Rs 257 crore

Information technology firm Tech Mahindra on Friday reported a growth of 48.81 per cent in its consolidated net profit at Rs 257 crore for the third quarter ended December 31, 2010, over the same period last year.

The company had a net profit of Rs 172.7 crore in the October-December quarter last year, Tech Mahindra said in a filing to the Bombay Stock Exchange.

"We have turned in a satisfactory performance in a period of low discretionary spend by our customers. We have remained steadfast in our pursuit of goals - of investing in capabilities to enable customer delight, while maintaining focus on operating and financial metrics," MD, CEO and Vice-chairman Vineet Nayyar said.

Total income increased to Rs 1,263.3 crore during the period under review, against Rs 1,187.8 crore in the same period last year.

"As the global markets show signs of resurgence, our comprehensive array of service offerings ensure that we are well positioned to rise and meet customer expectations," Chairman Anand Mahindra said.

On the standalone basis, the company has posted a net profit of Rs 202 crore, a growth of 21.83 per cent in the same quarter previous financial year. As on December 31, the headcount of the company stood at 34,208.

The company during the quarter, added two new customers during the period, taking the total customer count to 126.

Cash and cash equivalents were at Rs 519 crore, up from Rs 225 crore in for the second quarter of 2010-11.

Shares of Tech Mahindra closed at Rs 689.30 on the BSE on Friday, down 0.75 per cent from the previous close.