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Tech Mahindra has reported a 48.7 per cent rise in net profit at Rs 257 crore (Rs 172.8 crore) for the third quarter ended December 31, 2010 thanks to profits reported by associate company, Mahindra Satyam and a spike in non-operational income. Revenues were up two per cent to Rs 1,211.1 crore (Rs 1,187.3 crore)
Mahindra Satyam, incidentally, posted a consolidated net profit of Rs 23.30 crore for July-September and Rs 97.5 crore for April-June. Given that Tech Mahindra has a 42.66 per cent in the company, it has picked up Rs 51.5 crore as its share of the profits.
Other income for Tech Mahindra was Rs 52.1 crore (Rs 8.3 crore in the previous sequential quarter). Around $8 million (Rs 36.5 crore) was due to gains related to forex hedging, the Chief Financial Officer, Mr Sonjoy Anand, told reporters.
For Tech Mahindra, attrition continued to be one of the highest in the industry at 30 per cent even while it added 201 employees. It also had two new customers during the quarter taking the active count to 126.
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