TechM Q2 net profit dips 10.8%

Oct 27, 2010 |

Correspondent

IT firm Tech Mahindra on Tuesday said its profit for the second quarter this fiscal fell by 10.83 per cent to `150.67 crore due to a charge of `36.70 crore it incurred in relation to its shareholding in Mahindra Satyam. Tech Mahindra in April 2009 had acquired scam-hit Satyam Computer and rebranded it as “Mah-indra Satyam”. Tech Mah-indra’s revenue rose 34.3 per cent to `1,534 crore helped by a one-time fee from a client. “A major portion of this comes from a one-time revenue which we secured from one of our customers. If I was to remove `300 crore, there is still a sequential growth of nine per cent,” Mr Vineet Nayyar, Tech Mahindra chief executive officer, said.

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