Tech Mahindra Q1 net at Rs 277 cr

IT company Tech Mahindra today reported a consolidated net profit of Rs 276.55 crore for the first quarter ended June 31, 2011.

"The profit for the quarter ended June 31, 2011 and 2010 are not comparable as the figures in respect of June 2010, do not include share in profits of the associate [Satyam] as the financial results of the associate were not available when Tech Mahindra accounts for June 2010 were prepared," Tech Mahindra said in a filing to the Bombay Stock Exchange (BSE).

The company had a net profit of Rs 144.26 crore in the April-June quarter of 2010-11, it said.

Total income rose to Rs 1,338.57 crore during the first quarter current fiscal, from Rs 1,174.47 crore in the same quarter previous year.

"We continue to build our business portfolio at a measured pace, despite low discretionary spend in the telecom vertical. This has been enabled by our diversification into new geographies and customers," Tech Mahindra Chairman Anand Mahindra said.

Total headcount of the company stood at 42,850. Software professional headcount stood at 27,920, while BPO headcount stood at 13,804 and support staff at 1,126.

The company during the quarter added 4,517 personnel, of which 2,793 were in the BPO. The company has 128 active clients.

On the global macro-economic environment, Tech Mahindra Vice-Chairman, MD and CEO Vineet Nayyar said, "We have aligned ourselves with changing customer priorities and needs, which has helped us navigate in these volatile times... macro-economic conditions could pose new challenges which we are closely monitoring".

The debt of the company stood at Rs 1,282.2 crore as of June 30, 2011.

Cash and cash equivalent stood at Rs 194.4 crore on balance sheet as of June 30, 2011.

On the standalone basis, the company's net profit stood at Rs 162.23 crore, while it had a net profit of Rs 128 crore over the same period previous fiscal.

Total income has increased to Rs 1,278.6 crore for the quarter ended June 30, 2011, from Rs 1,131.98 crore for the quarter ended June 30, 2010.

North America contributed 31.9% to the revenues, while Europe comprised 50.7% to the revenues, about 17.5% came from rest of the world.

Shares of Tech Mahindra today closed at Rs 734.75 on the BSE, up 1.14% from previous close.