Tech Mahindra net up to Rs 177 cr

BS 200 Scorecard

IT solutions provider Tech Mahindra has posted a consolidated net profit of Rs 177.1 crore in the second quarter ended September 30, 2006 "� a quantum leap from the Rs 37.4 crore posted during the comparable period of the previous financial year.

The company's total revenue during the period under review rose to Rs 697.7 crore from Rs 246.9 crore last year.

The company's total number of clients rose to 70 from the earlier 65, while the number of clients with whom Tech Mahindra does annual business of above $5 million rose from 7 to 8 in the current quarter. The firm derived 17.6 per cent of its revenues from the US, 73.2 per cent from Europe and 9.2 per cent from the rest of the world, the company said in a release. It has also expanded its facilities in Pune, Noida, Kolkata, Bangalore and Chennai during the quarter to accommodate growth.

Tech Mahindra's cash equivalents stood at Rs 452.5 crore as on September 30, 2006, which includes Rs 116.3 crore raised from initial public offering.

During the quarter, the company's total headcount rose to 15,080 from 12,366 in the same period last year. It also conducted campus recruitment programmes and off-campus recruitments. It had won a three year managed services contract from a new company for rolling out an integrated platform for its operations. It has also won a contract from a large tier-I telecommunications provider that will help Tech Mahindra accelerate the market rollout of its IPTV solution.

In the value-added services (VAS) space, Tech Mahindra was chosen as a partner for mobile content hosting and delivery platform development by UEFA, a premier sports body in Europe.