Don't see significant decline in biz from BT: Tech Mah

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Tech Mahindra has declared its Q2FY10 results. Its net profit went up 28.71% to Rs 169 crore versus Rs 131.3 crore while revenues were up 2.6% to Rs 1,141.8 crore versus Rs 1,113 crore quarter-on-quarter (QoQ).

Addressing a press conference, the Tech Mahindra management said the company saw favourable conditions for telecom services in few quarters. "We managed to perform well in a difficult environment," it said. "We also saw growth in emerging markets."

Tech Mahindra added that it did not see a significant decrease in business from British Telecom (BT), its major client and also a stakeholder. "We have had an in-principle agreement with BT for minimum business volume commitment," it said.

The management added that Tech Mahindra's merger with Mahindra Satyam (formerly Satyam Computers), was "eight to 12 months away."

Satyam Computers was riddled with a major corporate scam committed by its erstwhile promoters and was taken over by Tech Mahindra in a government-ordered auction.

"We are working in deals with Mahindra Satyam," he said. "The attrition in Satyam in largely involuntary though Satyam is still adequately staffed."