Tech Mahindra today reported third quarter results beating street expectations on almost all count. Net profit fell nearly 7 percent quarter-on-quarter to Rs 275.8 crore but beat analysts' estimates.
Vineet Nayyar, Vice Chairman, Tech Mahindra told CNBC-TV18 that though BT's IT budget is coming down, but Tech Mahindra still remains their preferred partner.
In an interview to CNBC-TV18's Kritika Saxena, the management, including chief financial officer Sonjoy Anand and executive vice chairman Vineet Nayyar, spoke about the Q2 results.
Despite the turbulence, Tech Mahindra continues to be bullish on Europe.
Krithika Saxena of CNBC-TV18 catches up with CP Gurnani, CEO, Mahindra Satyam; Sonjoy Anand, CFO, Tech Mahindra and Vineet Nayyar, chairman of Mahindra Satyam and vice chairman of Tech Mahindra for the details and the way forward for the merged entity.
Tech Mahindra's Vineet Nayyar, VC, MD & CEO; Sonjoy Anand, the CFO and Amitava Roy, the COO say that despite the challenging global environment, the company has managed to deliver a satisfactory third quarter.
CP Gurnani, the man who led his team to turnaround the erstwhile Satyam Computers and now Mahindra Satyam, said that the company has enough resources to wade through the legal battle over claims with the IT department.
For Tech Mahindra there has been a cancellation of an order from Cox Communications. Sanjoy Anand, chief financial officer of the company says, it is a very small piece of business.
Wage hikes and poor BT revenues lead to a disappointing 13% fall in profits to Rs 240 crore for Tech Mahindra, India’s 5th largest IT exporter.
CNBC-TV18’s Kritika Saxena caught up with the company’s vice chairman, managing director and CEO, Vineet Nayyar and CFO Sonjoy Anand on their outlook for FY12 and the Mahindra Satyam - Tech Mahindra merger timeline.
Despite an overhang of litigations, Mahindra Satyam seems to be attracting business. Speaking to CNBC-TV18 exclusively, chairman Vineet Nayyar said that they had signed a large deal in worth USD 200 million in the previous quarter, which should reflect in the topline in the coming quarter.
Speaking exclusively to CNBC TV18, Vineet Nayyar, the vice-chairman and Sonjay Anand, CFO of the IT major say the company’s total exceptional costs accounted to “USD 125 million, which is over Rs 500 crore” in the fourth quarter.
Terming the Mahindra-CISCO alliance "strategic", Mahindra Satyam's CEO CP Gurnani said this is positive for the company. Projecting revenue generation of USD 500-750 million over the next five years, Gurnani said the company would meet the industry’s growth expectations over the next five to six quarters.
IT firm Tech Mahindra on Friday reported a growth of 48.81% in its consolidated net profit at Rs 257 crore for the third quarter ended December 31, 2010, over the same period last year.