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Tech Mahindra Q2 revenue grows sequentially

Operating profit increases to INR2.93 billion

Tech Mahindra, India’s fifth largest software provider has reported a growth of 2.6% in revenue and 4.3 % growth in operating profit for second quarter of fiscal 2010 over first quarter of fiscal 2010. For the quarter, the company posted revenue of INR11.42 billion compared to INR11.13 billion in the previous quarter.

The company derived 28.4%, 60.9% and 10.7% of its revenues from the US, Europe and Rest of the World respectively.

Tech Mahindra reported consolidated operating profit of INR2.93 billion for second quarter of fiscal 2010 compared to INR2.81 billion in first quarter of fiscal 2010. Profit after tax for the quarter was INR1.69 billion compared to INR1.4 billion in the first quarter of 2010.

The company has a debt of INR21.79 billion as of September 30, 2009. During the quarter the company refinanced INR11.5 billion of debt reducing the effective interest rate on the debt portfolio to 8.7% per annum.

Anand Mahindra, chairman of Tech Mahindra, said: Our strong performance this quarter underscores our ability to create value to our customers. Tech Mahindra is poised to take advantage of the upcoming market opportunity through its strong positioning in its chosen domains.