Tech Mahindra's Q2 profits jump 59%

- Tuesday, November 15, 2011

Tech Mahindra's Q2 profits jump 59%

Indian IT services provider Tech Mahindra's second quarter net profits surged 59% to 2.4bn rupees (US$47.3mn), from 1.51bn rupees in the same period in 2010, the company said in a statement.

The increase was attributed to foreign exchange gains and the company's share of profit from associate Satyam Computer Services, equivalent to 1.02bn rupees.

The results for the year-earlier quarter did not include numbers from Satyam, as they were unavailable, Tech Mahindra said.

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Consolidated revenue for the second quarter fell 13% to 13.3bn rupees.

The company posted foreign exchange gains of 893mn rupees in the quarter, compared to a 1.2mn-rupee loss a year earlier.

Tech Mahindra bought a controlling stake in Satyam in April 2009, after the latter's founder and then chairman B Ramalinga Raju confessed he had manipulated the company's accounts for years to show inflated profits and fictitious assets.

Follow this link for Tech Mahindra's full financial tables.