Tech Mahindra Made Hefty Gains
Tech Mahindra has registered a jump of 160% in its net profit for the year ending on March 31, 2007, at Rs 612.6 crore from Rs 235.4 crore in the corresponding year.
The largest solution providers in the telecom space has posted 136% increase in its total revenues that reached Rs 2,929 crore, as against Rs 1,242.7 crore in the same corresponding period.
The company’s forth quarter net profit increase 120% that stood at Rs 196.1 crore as against Rs 89.1 crore in the corresponding quarter of the previous year. The overall earnings for the quarter arose 108% at Rs 874.5 crore against Rs 421.2 crore in the corresponding quarter of the previous year.
Compared with the preceding quarter, the company incurred a one-time exceptional charge towards an upfront payment of Rs 524.9 crore to a customer and has reported a net loss of Rs 328.9 crore. The quarterly revenues developed 13.6 per cent from Rs 769.8 crore for the quarter-ended December 31, 2006.
The company’s head count was up by 88 per cent and reached 19,749. The utilization percentage including trainees was at 67 per cent.
The company’s chairman, Anand Mahindra stated, “Tech Mahindra has had another outstanding year of growth. This has been achieved through a single-minded focus on meeting customer requirements.”
At the end of forth quarter, the company gained 18 per cent, 73 per cent and 9 cent of its earnings from the US, Europe and rest of the world correspondingly and the total number of customers increased to 83 in FY07 from 62 in FY06. Tech Mahindra’s top client contributed 67 per cent to its revenues.