Tech Mahindra, India's sixth largest software exporter, said Wednesday the company's third quarter profit surged 36% sequentially and 67% on year on year basis to Rs 2.42 billion. Profit including share of associate was at Rs 2.76 billion.
Reveues on the other hand was at Rs 17.91 billion for quarter ended Dec. 31, 2012, registering rise of 10% sequentially and 24% on year on year basis.
While operating profit went up 11% sequentially and 61% on year on year basis to Rs 3.76 billion.
Vineet Nayyar, executive vice chairman of Tech Mahindra (Q,N,C,F)* said, "Our growth trajectory continues. Tech Mahindra has been consistently performing with key wins and partnerships, supplemented by non organic initiatives. As we look forward we continue to see opportunities to help our customers in their strategic objectives, through innovative solutions."
C P Gurnani, managing director of Tech Mahindra said, "We continue our journey to be a preferred partner in our customer’s transformation initiatives. Our recent wins demonstrate our capability in helping our clients to streamline their IT portfolio while achieving the benefits of optimization and linkage to outcomes."
Total headcount stood at 49,059 as at Dec. 31, 2012. Software professional were at 25,009, BPO at 22,565 and Support staff at 1,485.
Debt at Rs 13.18 billion as of Dec. 31, 2012 as against Rs 12.86 billion for the previous quarter.
Cash and cash equivalent stood at Rs 4.82 billion as of Dec. 31, 2012 versus Rs 3.59 billion in Q2FY13.
The company has witnessed increase in number of active clients to 140 against 126 in Q2FY13.
Shares of Tech Mahindra gained Rs 10.45, or 1.08%, to settle at Rs 979.10. The total volume of shares traded was 51,169 at the BSE (Wednesday).