Rupee boost: Tech mahindra Q3 net up 7.4%
Tech Mahindra on Wednesday reported a 7.4% year-on-year growth in net profit at R276 crore for the October-December quarter against Rs 257 crore a year-ago, as a falling rupee pushed operating margins by 90 basis points (100 basis points is 1 percentage point).
The profit includes Rs 132 crore as Tech Mahindra’s share from Mahindra Satyam’s profit. Tech Mahindra bought a 42.7% stake in Satyam Computer Services.
The company’s revenues grew 19% year-on-year to Rs 1,445 crore during the quarter compared to Rs 1,211 crore in the year-ago period.
“It was a stable quarter despite seasonally low billing days in the last quarter,” said Vineet Nayyar, CEO and MD, Tech Mahindra. “Our customers are fairly cautious and the decision-making process has become longer. The margins are likely to be flat in the coming quarter.