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Tech Mahindra Q4 Net Dips 3.6 Per Cent to Rs. 614.2 Crore

Tech Mahindra Ltd, India’s fifth largest IT services firm, reported a 3.6 per cent decline in consolidated net profit at Rs. 614.2 crore for the fourth quarter that ended on March 31, 2014.

The company had posted a net profit of Rs. 637.7 crore for the corresponding quarter a year ago, it said in a statement.

Consolidated revenues, which include financials of erstwhile Satyam Computer, grew 34.2 per cent to Rs. 5,058.1 crore in the quarter ended March 2014 as against Rs. 3,767.3 crore in the corresponding quarter the previous fiscal year.

The company said it has not obtained audit opinion on the merged entity’s consolidated financials for the fourth quarters of 2012-13 and 2012-13.

In dollar terms, the company’s net profit stood at $101 million, while revenue was up 18.2 per cent at $825 million.

“Our result this year is a reflection of our commitment towards growth and our passion to help our customers deal with the needs of a dramatically changing world, fuelled by hyper connectivity, and decisions at the speed of thought,” Tech Mahindra managing director and chief executive C P Gurnani said.

Net profit for the financial year ended March 31, 2014 stood at Rs. 3,028.8 crore as against Rs. 1,955.6 crore in FY2012-13 – a growth of 54.8 per cent.

Revenue grew 31.3 per cent to Rs. 18,831.4 crore in 2013-14 from Rs. 14,332 crore in the previous fiscal year.

In dollar terms, net profit was at $498 million, while revenue grew 17.7 per cent to $3.09 billion.

“This has been a landmark year for Tech Mahindra with the creation of an integrated entity through one of the largest mergers in India. Our superior execution capabilities and ability to offer expanded service lines to our customers will help in aiding our future growth,” Tech Mahindra executive vice chairman Vineet Nayyar said.

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