Tech Mahindra Q4 Net Dips 3.6% to Rs. 614.2 Crore says Sachin Karpe

MUMBAI, India - May 15, 2014 - PRLog -- Tech Mahindra Ltd, India's fifth largest IT services firm, reported a 3.6 per cent decline in consolidated net profit at Rs. 614.2 crore for the fourth quarter that ended on March 31, 2014. The company had posted a net profit of Rs. 637.7 crore for the corresponding quarter a year ago says Sachin Karpe.

In dollar terms, the company's net profit stood at $101 million, while revenue was up 18.2 per cent at $825 million. The software firm has received a number of managed services deals, which allowed deal pipeline to remain healthy. The result this year is a reflection of  commitment towards growth and passion to help customers deal with the needs of a dramatically changing world, fuelled by hyper connectivity, and decisions at the speed of thought says managing director and chief executive C P Gurnani. Net profit for the financial year ended March 31, 2014 stood at Rs. 3,028.8 crore as against Rs. 1,955.6 crore in FY2012-13 - a growth of 54.8 per cent. The board of the company, which gets close to 50% of its revenue from the US market, is in New York to meet with clients and present a more global face says Sachin Karpe.

The company expects to see growth in the quarters ahead. This confidence is based on the strong demand that they see for telephony and data services globally. Given its deep domain expertise in the telecom sector, the company will be able to leverage its leadership position. The Mumbai-headquartered firm had debt of Rs. 363 crore as of March 31, 2014 and has repaid Rs. 796 crore in FY'14. Its cash and cash equivalent stood at Rs. 3,599 crore as of March 31, 2014. This has been a landmark year for Tech Mahindra with the creation of an integrated entity through one of the largest mergers in India. The superior execution capabilities and ability to offer expanded service lines to the customers will help in aiding the future growth.T he company has proposed a dividend of Rs. 20 per share (200 per cent) for FY2013-14.Tech Mahindra added 6,333 professionals during the year, taking its total headcount to 89,441 people. Software headcount stood at 60,997, while for BPO, it was 21,830 and support was at 6,614 people. Tech Mahindra provides solutions and services across verticals with a proven delivery record and expertise. Tech Mahindra represents the new connected world, offering innovative and customer-centric services and solutions integrating technology with business.

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