But Tech Mahindra profit crashes 8% to Rs 630.7 crore
2 Aug 2014 5:11 AM IST
Country's fifth largest IT firm Tech Mahindra on Thursday said its net profit has declined 8.1 per cent to Rs 630.7 crore for the quarter ended 30 June, 2014.
The Mumbai-based firm had posted a net profit of Rs 686.3 crore in the same quarter last year, Tech Mahindra said in a statement.
However, on sequential basis, the net profit grew 2.6 per cent from Rs 614.2 crore in the January-March 2014 quarter.
Its consolidated revenues increased 24.8 per cent to Rs 5,121.5 crore for the April-June 2014 quarter from Rs 4,103.2 crore in the year-ago period.
‘The growth momentum continues to be powered by strategic investments and capability building. Our agility to perform in rapidly changing economic conditions speaks volumes about the trust shown by our customers in us,’ Tech Mahidra Executive Vice Chairman Vineet Nayyar said.
The results are aligned favorably towards us becoming a 'partner of choice for developing transformational solutions and making enterprises future ready, he added.
Sequentially, revenues were higher by 1.2 per cent from Rs 5,058.1 crore in the January-March 2014 quarter.
In dollar terms, the company's profits grew 4.3 per cent quarter-on-quarter to $105 million, while revenue was up 3.6 per cent sequentially at $855 million in the reported quarter.
‘Our robust performance during the quarter sets the tone for rest of the year. Tech Mahindra with telecom as a horizontal differentiator augurs well with the customers in this potentially disruptive landscape,’ Tech Mahindra Chief Executive Officer CEO and Managing Director CP Gurnani said.
The Mumbai-based firm had posted a net profit of Rs 686.3 crore in the same quarter last year, Tech Mahindra said in a statement.
However, on sequential basis, the net profit grew 2.6 per cent from Rs 614.2 crore in the January-March 2014 quarter.
Its consolidated revenues increased 24.8 per cent to Rs 5,121.5 crore for the April-June 2014 quarter from Rs 4,103.2 crore in the year-ago period.
‘The growth momentum continues to be powered by strategic investments and capability building. Our agility to perform in rapidly changing economic conditions speaks volumes about the trust shown by our customers in us,’ Tech Mahidra Executive Vice Chairman Vineet Nayyar said.
The results are aligned favorably towards us becoming a 'partner of choice for developing transformational solutions and making enterprises future ready, he added.
Sequentially, revenues were higher by 1.2 per cent from Rs 5,058.1 crore in the January-March 2014 quarter.
In dollar terms, the company's profits grew 4.3 per cent quarter-on-quarter to $105 million, while revenue was up 3.6 per cent sequentially at $855 million in the reported quarter.
‘Our robust performance during the quarter sets the tone for rest of the year. Tech Mahindra with telecom as a horizontal differentiator augurs well with the customers in this potentially disruptive landscape,’ Tech Mahindra Chief Executive Officer CEO and Managing Director CP Gurnani said.
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