Tech Mahindra Q4 cons net up 25% YoY at Rs 377cr
Tech Mahindra's Q4 consolidated net profit was up 25 percent year-on-year to Rs 377 crore, while revenue soared 35 percent to Rs 1,907 crore. The results were better than analysts' expectation of profit of Rs 368 crore on revenue of Rs 1,833 crore.
Moneycontrol Bureau
Software services exporter Tech Mahindra's fourth quarter consolidated net profit rose 25 percent year-on-year (37 percent sequentially) to Rs 377 crore and said it remains optimistic of FY2014.The Mahindra Group company's consolidated revenue in Jan-March was up 35 percent from a year ago (7 percent sequentially) to Rs 1,907 crore.Analysts on average had expected Tech Mahindra to report a net profit of Rs 368 crore on revenue of Rs 1,833 crore, according to a CNBC-TV18 poll.It must be noted that the fourth quarter earnings also include results of Hutchison Global Services, which Tech Mahindra acquired for Rs 485 crore in September 2012.The company's operating profit (EBITDA) in Jan-March was up 59 percent year-on-year to Rs 380 crore. EBITDA margin was at 19.9 percent.It had a forex loss of Rs 37 crore in the fourth quarter, compared with a loss of Rs 35 crore in the year ago quarter and Rs 12 crore profit in Oct-Dec.In dollar terms, Tech Mahindra's net profit was up 13 percent YoY to USD 70 million and revenue was at USD 353 million, up 25 percent."We are optimistic about FY14, buoyed by our deal pipeline, business traction from recent acquisitions and leverage of business synergies with Mahindra Satyam (Satyam Computer Services). Our focus on non-linear growth alternatives like platforms and customer co-innovation continues to portend a steady future for us," CP Gurnani, MD, said.As of March 31, Tech Mahindra had 151 active clients, up from 130 in FY2012. It had a total of 47,498 employees, which included 24,410 software professionals, 21,552 BPO employees and 1,536 support staff.Tech Mahindra shares closed down 1.3 percent at Rs 909.85 on NSE on Tuesday. The results were announced after markets closed. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
