New Delhi: Buoyed by rising earnings from Europe, telecom-software firm Tech Mahindra reported a more than twofold jump on net profit after tax to Rs196.1 crore for the fourth quarter ended 31 March 2007 against Rs89.1 crore in the same period last year.
Consolidated revenues for the January-March quarter stood at Rs874.5 crore, registering more than 100% growth over Rs421.2 crore in the corresponding period in 2006, a company statement said.
Commenting on the results, Tech Mahindra chairman Anand Mahindra said, “Tech Mahindra has had another outstanding year of growth. This has been achieved through a single-minded focus on meeting customer requirements.”
In the fourth quarter of FY’07, Tech Mahindra incurred a one-time exceptional charge towards an upfront payment of Rs524.9 crore to a customer. When this is taken into account, it contributes to a net loss of Rs328.9 crore for the three months ended 31 March, the statement added.
The share price of the company listed on the Bombay Stock Exchange fell 1.57% to Rs1,624.75 on Monday while the benchmark Sensex fell 0.39%. The company announced its results after close of regular trading.
For the full year ending March, the consolidated revenues grew to Rs2,929 crore compared with Rs1,247.7 crore, while net profit after tax (excluding exceptional items) grew to Rs612.6 crore from Rs235.4 crore in the previous year, it said.
The company derived 73%, 18% and 9% of its revenues from the US, Europe and rest of the world respectively.
The year saw the company securing the largest deal in Indian IT industry with a five-year $1 billion deal with BT Group.