Business Daily from THE HINDU group of publications
Tuesday, May 20, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, May 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Info-Tech
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Financial Performance Corporate Results - Software Tech Mahindra revenue rises 29% 
Our Bureau Mumbai, May 19 On account of making a one-time payment of $110 million (Rs 440 crore) for a prospective outsourcing deal, telecom solutions provider Tech Mahindra posted a net loss of Rs 221.4 crore for the quarter ended March 31. However, the company has reduced its net loss for the quarter from Rs 329 crore (which was again after a one-time exceptional item which had a negative impact of Rs 525 crore) in the same March quarter a year ago. The $110 million paid to a prospective client is for a ‘long term strategic engagement’; it gives the Pune-based company the advantage of exclusively negotiating with the client for a 90-day period, Mr Sonjoy Anand, Chief Financial Officer, Tech Mahindra, told Business Line. If these non-recurring expenses are not taken into account, Tech Mahindra`s net profit for the quarter grew by 11.7 per cent to Rs 219 crore (Rs 196.1 crore). The company’s consolidated net profit for the fiscal ended March 2008 (excluding exceptional items) grew by 25.6 per cent to Rs 769.6 crores from Rs 612.6 crore in the previous year. Consolidated revenues grew by 28.6 per cent to Rs 3,766.1 crore (Rs 2,929 crore). On whether the amount of $110 million has been paid to telecommunications giant BT-, which is one of the promoters as well as the single largest client of Tech Mahindra, Mr Anand refused comment. BT contributes about 65 per cent to Tech Mahindra’s overall revenues. Tech Mahindra focuses on large fixed-price deals Tech Mahindra bags $350-m BT deal Tech Mahindra net up 19% More Stories on : Financial Performance | Software
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