Country’s fifth largest IT services firm Tech Mahindra Ltd today said its consolidated net profit has declined 3.6 per cent to Rs 614.2 crore for the quarter ended March 31, 2014.
This is against a net profit of Rs 637.7 crore in the January-March 2013 quarter, Tech Mahindra said in a statement.
The company’s consolidated revenues, which includes financials of erstwhile Satyam Computer, grew 34.2 per cent to Rs 5,058.1 crore in the said quarter as against Rs 3,767.3 crore in the corresponding quarter last fiscal.
The company said it has not obtained the audit opinion on the merged entity’s consolidated financials for Q4 FY 2012-13 and FY 2012-13.
In USD terms, the company’s net profit stood at USD 101 million, while revenue was up 18.2 per cent at USD 825 million.
“Our result this year is a reflection of our commitment towards growth and our passion to help our customers deal with the needs of a dramatically changing world, fuelled by hyper connectivity, and decisions at the speed of thought,” Tech Mahindra Managing Director and CEO C P Gurnani said.
For the financial year ended March 31, 2014, the net profit stood at Rs 3,028.8 crore as against Rs 1,955.6 crore in FY2012-13, up 54.8 per cent.
Revenue grew 31.3 per cent to Rs 18,831.4 crore in 2013-14 from Rs 14,332 crore in the previous fiscal.
In dollar terms, net profit was at USD 498 million, while revenue was higher by 17.7 per cent to USD 3.09 billion.
“This has been a landmark year for Tech Mahindra with the creation of an integrated entity through one of the largest mergers in India. Our superior execution capabilities and ability to offer expanded service lines to our customers will help in aiding our future growth,” Tech Mahindra Executive Vice Chairman Vineet Nayyar said.
The 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 the 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.
The Mumbai-headquartered firm had debt at 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.