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.

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.

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Tech Mahindra paid Rs 114.4 crore as its settlement share.

Revenue grew 6.6% to Rs 1,261.5 crore during the quarter.