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Tech Mahindra net up 23%

HT Correspondent, Hindustan Times  New Delhi, November 05, 2012
First Published: 17:15 IST(5/11/2012) | Last Updated: 00:59 IST(6/11/2012)

Tech Mahindra on Monday reported a 23% year-on-year rise in its consolidated net profit to Rs. 296 crore for the three months from July-September, aided by acquisitions and key deals.  


The company's revenues increased 22% to Rs. 1,631 crore during the quarter under review. 

During the quarter, Tech Mahindra made two key  acquisition - Hutchison Global Services (HGS) for $ 87.1 million ( Rs. 478 crore) and purchase of Comviva Technologies, a Bharti group company.

HGS provides customer lifecycle operations to clients in the UK, Ireland and Australia and has an associate base of over 11,500 employees.

"This has been an eventful quarter for us with some wins and key non-organic initiatives," said Vineet Nayyar, executive vice chairman of Tech Mahindra.

"Our focus is on expanding capabilities to service our customers better, which has helped us gain traction in the market place and deliver a robust performance."

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