IT firm Tech Mahindra today posted a lower-than-expected increase of 9.65 per cent in its consolidated net profit at Rs 144 crore for the quarter ended June 30, 2010, on account of the adverse impact of currency fluctuation.
The company said the first quarter was difficult due to currency fluctuation. "There was significant erosion in margins owing to currency headwinds," it added.
Though the net profit is higher than last year's Rs 131.6 crore, it is lower by 36.56 per cent (at Rs 227 crore) registered in Q4 financial year 2009-10. Tech Mahindra provides solutions to the telecommunications industry.
"It's been a quarter where our performance was impacted, among others, by adverse currency movements," Tech Mahindra Vice-Chairman Vineet Nayyar said.
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