Tech Mahindra Q2 net profit jumps 59%

IT firm Tech Mahindra said its net profit has increased by 59.5 per cent to Rs 240.4 crore for the quarter ended September 30, 2011, as compared to the same period last year.

The company 's net profit stood at Rs 150.7 crore in Q2 FY2010-11, Tech Mahindra said in a statement.

Net revenue in the reported period declined 13.07 per cent to Rs 1,333.3 crore as against Rs 1,533.9 crore registered in the year-ago period.

"We have seen yet another quarter of steady growth. Our investment in capabilities has enabled us to achieve this in spite of some headwinds. We remain anchored to building and enhancing our service offerings to meet the needs of the changing market place," Tech Mahindra Vice Chairman, MD and CEO Vineet Nayyar said.

As of September 30, 2011, the company's total headcount stood at 43,657. The company added 807 personnel during the quarter.

Tech Mahindra said it has debt of Rs 1,422 crore as of September 30, 2011. Cash and cash equivalent stood at Rs 278 crore on balance sheet as of September 30, 2011.