Tech Mahindra’s net up by 11.9 percent

Hyderabad, Jan 30 (IANS) Tech Mahindra, a leading software services firm, has registered a growth of 11.9 percent in its net profit during the quarter ended Dec 31, 2014.

The profit after tax stood at Rs.805.3 crore, a quarter-on-quarter growth of 11.9 percent. It includes special adjustment of Rs.28.5 crore of profits of Mahindra Engineering Services Ltd (MESL) in the first half of the current fiscal.
The consolidated revenue stood at Rs.5,752 crore, a year-on-year growth of 17.4 percent and QoQ jump of 4.8 percent.
“Despite seasonal weakness of the third quarter and currency volatility, Tech Mahindra turned in a fairly robust performance. Our continued focus on operational excellence is yielding tangible results for our stakeholders,” said executive vice chairman Vineet Nayyar.
“We believe our service portfolio coupled with the tuck-in acquisitions like MES have augmented our growth aspirations well, this quarter. We will make greater investments into digital transformation and ride the wave of opportunities that spot the business landscape today, ” said managing director and CEO C.P. Gurnani.
The cash and cash equivalent stood at Rs.4,214 crore, up by Rs.780 crore in Q3.
The company added 2,700 professionals during the quarter, taking the total headcount to 98,009.
The active client count stood at 674 in Q3 against 649 in the previous quarter.
The firm won many large deals including deals from a major airline in the Asia Pacific region, a large European automotive company and a leading European communications company.