IT firms Tech Mahindra on Monday reported a growth of 9.65 per cent in its consolidated net profit at Rs 144 crore for the first quarter ended June 30,2010,over the same period last year. The company had a net profit of Rs 131.6 crore in the April-June quarter of the previous fiscal,Tech Mahindra said in a filing to the Bombay Stock Exchange. Total income rose to Rs 1,158.96 crore in the first quarter ended June 30,from Rs 1,086.9 crore in the same quarter in the corresponding fiscal. "In the previous quarter,we saw prolonged decision making cycles at key customers. We believe this to be temporary,and expect that our investments in capabilities will position us to respond quickly to customer needs during the demand resurgence," Tech Mahindra Chairman Anand Mahindra said. During the quarter the company added 1,743 personnel,taking its total headcount to 35,267. On the standalone basis,the company has posted a net profit of Rs 128 crore in the April-June quarter,down 4.75 per cent over the same year-ago period. The company added 4 new clients during the quarter. "It's been a quarter where our performance has been impacted among others by adverse currency movements. However,we continue to pursue our long term objectives of creating differentiated service offerings,and optimising our operations to combat the margin pressures," Tech Mahindra Vice Chairman Vineet Nayyar said. Shares of Tech Mahindra on Monday closed at Rs 737.50 on the BSE,down 1.07 per cent from previous close.
