The Hindu Business Line : Tech Mahindra Q3 net rises 122 per cent

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Mumbai Jan. 19 Tech Mahindra Ltd reported a 122 per cent jump in its net profit for the third quarter of the current fiscal to touch Rs 166.8 crore, against Rs 75.1 crore recorded in the year ago period.

The company's total revenues increased to Rs 769.8 crore from Rs. 332.6 crore, a surge of 131 per cent. "We derived 19 per cent, 73 per cent and 8 per cent of our revenues from the US, Europe and rest of world regions respectively," according to Mr Vineet Nayyar, Vice-Chairman and Managing Director, Tech Mahindra, at press meet.

On a sequential basis, the company's net profit, excluding one-time tax refund, grew by 17 per cent from Rs 143.2crore, while revenues grew 10 per cent from Rs 697.6 crore.

Tech Mahindra added 8 clients in the second quarter, while its total headcount increased to 17,774 from the previous quarter. "We are in a high growth zone and hence our policy is to recruit people five to six months before they are actually required," said Mr Nayyar.

However, the offshore revenues came down to 69 per cent from 60 per cent recorded in the year ago period.

IPolicy stake

Tech Mahindra has entered into an agreement to pick up 100 per cent stake in the Noida-based iPolicy Networks Pvt Ltd, the Indian unit of the US-based iPolicy Inc. The 100- strong company provides next generation, carrier grade integrated network security solutions for enterprise and service provider customers, said the company release. "iPolicy's capabilities enhance Tech Mahindra's security service offerings and would enable us to provide end to end services to its customers," said Mr Sanjay Kalra, President, Strategic Initiatives, adding that both companies would have similar clientele.

The company, however, did not disclose details of the acquisition.

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