Tech Mahindra Q2 net up 20.6 per cent from Q1 2009-10

Telecom technology solutions provider Tech Mahindra Limited today reported a 20.6 per cent rise in fiscal second quarter (July-September 2009-10) net profit at Rs169 crore against Rs140.1 crore in the first quarter (April-June) of the current fiscal.

The company said its revenue rose 2.6 per cent to Rs1,141 crore in the July-September quarter from Rs1,113.0 crore in the April-June quarter while its consolidated operating profit rose 4.3 per cent to Rs292.5 crore for Q2 FY10 from Rs280.5 crore in Q1 FY10.

Total debt of the company stood at Rs2,179 crore as of 30 September 2009. During the quarter the company refinanced Rs1,150 crore of debt, reducing the effective interest rate on the debt portfolio to 8.7 per cent per annum, the company said in a release.

Tech Mahindra said it derived 28.4 per cent, 60.9 per cent and 10.7 per cent of its revenues from the US, Europe and the rest of the world in that order.

These numbers do not include Mahindra Satyam financials since they are being restated, the release noted.

Tech Mahindra, meanwhile, saw its employee strength increase from 25,482 in June 2009 to 26,515 in September 2009.