Tech Mahindra swings to profit in Q4; posts Rs 230cr net
Tech Mahindra, the new owner of scam-hit Satyam Computer, has turned black in fourth quarter ended on March 31, 2009 by posting Rs 230 crore net profit.business Updated: Apr 27, 2009 18:40 IST
Tech Mahindra, the new owner of scam-hit Satyam Computer, has turned black in fourth quarter ended on March 31, 2009 by posting Rs 230 crore net profit.
According to a filing to the BSE, the company in the same period in the previous fiscal posted a net loss of Rs 221.39 crore, if exceptional items, including Rs 440-crore one-time expenditure, are taken into account.
Tech Mahindra CFO Sanjay Kalra told PTI the company had taken a big loan for an acquisition this period, which was later written off. This credit led to the loss in that quarter, he said.
He further added that if these items are not taken into account, the company's profit stood at from Rs 218.7 crore in the last quarter 2007-08. Considering this, earnings for the past fiscal grew by 5.35 per cent at Rs 230 crore in 2008-09.
The consolidated total income declined marginally to Rs 1,059.07 crore during the period under review from Rs 1,059.71 crore in the corresponding period in FY'08, says the filing.
According to the company release, the revenue rose 2.88 per cent to Rs 1,051.30 crore during the March quarter from Rs 1,021.8 crore in the corresponding period a year-ago.
Kalra said the company has fetched a 2-5 per cent pressure on the billing rates and wee see that the pressure continuing in this range going forward.