Tech Mahindra Q1 Net up 7.2% to Rs 676.07 crore

IT major Tech Mahindra today posted a 7.2 per cent rise in net profit at Rs 676.07 crore for the quarter ended June 30, 2015.
This is against a net profit of Rs 630.72 crore in the year-ago period, Tech Mahindra said in a statement.
The company's revenues grew 22.9 per cent to Rs 6,293.8 crore in the quarter under review from Rs 5,121.50 crore in the same period last year.
"Our results are in line with our expectations, but we sense traction across our markets and remain hopeful of improving our performance by expanding our business in coming quarters," Executive Vice Chairman Vineet Nayyar said.

In dollar terms, net profit was up 1.2 per cent year-on-year at USD 106 million, while revenue grew 15.7 per cent to USD 989 million.
IT accounted for Rs 5,843.23 crore of the revenues, while BPO contributed Rs 450.59 crore in the said quarter.

"Our strategic investments and initiatives across Digital are resonating well with the businesses we serve and holds potential to deliver opportunities that we can leverage upon," Tech Mahindra Managing Director and CEO C P Gurnani said.
Tech Mahindra added 392 professionals during the quarter, taking its total headcount to 1,03,673 people. Of this, software headcount accounted for 71,997 people, while the number of BPO professionals stood at 24,394.

Its cash and cash equivalent was at Rs 3,350 crore as of June 30, 2015.
Tech Mahindra shares closed at Rs 519 apiece, up 1.59 per cent from its previous close on the BSE.