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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 R257 crore a year-ago, as a falling rupee pushed operating margins by 90 basis points (100 basis points is 1 percentage point).

business Updated: Feb 08, 2012 22:31 IST
HT Correspondent
HT Correspondent
Hindustan Times
Hindustantimes

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.