Tech Mahindra’s consolidated net profit (excluding exceptional items) surged 120% to Rs 196.1 crore compared with Rs 89.1 crore in the corresponding quarter of the previous financial year. Revenue surged 108% to Rs 874.5 crore compared with Rs 421.2 crore in the fourth quarter of the previous year.
The company incurred a one-time exceptional charge towards an upfront payment of Rs 524.9 crore to a customer and reported a net loss of Rs 328.9 crore in Q4 March 2007.
For the year ended 31 March 2007 (FY 2007), Tech Mahindra’s consolidated net profit, excluding exceptional and prior period items, at Rs 612.6 crore, registered an increase of 160% over the last financial year. Its consolidated revenues grew 136% and stood at Rs 2929 crore.
We expect Tech Mahindra to join the bigger league of IT companies this year and grow higher than Infosys and Satyam.