Bangalore: Tech Mahindra Ltd, which is taking over Satyam Computer Services in a deal worth about $580 million, on Monday reported net profit of Rs2.3 billion ($46 million) for the March quarter.
The company, a provider of information technology services to the telecoms industry, had reported a loss of Rs2.21 billion in the same period last year after it accounted for one-time expense of Rs4.4 billion.
Brokerage Motilal Oswal Securities had forecast net profit for Tech Mahindra, 31% owned by Britain’s BT Group, at Rs2.04 billion in January-March, the company’s fiscal fourth quarter.
Tech Mahindra was the highest bidder for a controlling stake in Satyam at an auction earlier this month. The deal will see it rise to the top tier of Indian IT firms and help diversify its services by reducing its reliance on the telecoms industry.