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Tech Ma net dips on US lawsuit
Tech Mahindra on Thursday reported a 59% year-on-year fall in net profit at Rs 92.1 crore for the quarter ended March against Rs 227.0 crore in the year-ago period, as Mahindra Satyam’s payment of Rs 569.0 crore towards settlement of a class action lawsuit in the US hurt the software exporter.
Updated on: May 26, 2011, 21:41:55 IST
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Tech Mahindra on Thursday reported a 59% year-on-year fall in net profit at Rs 92.1 crore for the quarter ended March against Rs 227.0 crore in the year-ago period, as Mahindra Satyam’s payment of Rs 569.0 crore towards settlement of a class action lawsuit in the US hurt the software exporter.
Tech Mahindra paid Rs 114.4 crore as its settlement share.
Revenue grew 6.6% to Rs 1,261.5 crore during the quarter.
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