Tech Mahindra consol Q4 net more than doubles

Mumbai: Telecom solutions provider Tech Mahindra has registered an increase of 120 per cent in its consolidated net profit (excluding exceptional items) for the fourth quarter ended March 31, 2007 (Q4FY07) to Rs196.1 crore against Rs89.1 crore registered in Q4FY06 mainly due to higher revenues from value added services like managed platforms and consulting apart from expansion into areas like BPO and remote infrastructure management.

The company''s revenue increased 108 per cent to Rs874.5 crore from Rs421.2 crore in Q4FY06.

The company incurred a one-time exceptional charge towards upfront payment of Rs524.9 crore to a customer and reported a net loss of Rs328.9 crore in the quarter ended March 31, 2007.
The revenue grew 13.6 per cent quarter on quarter from Rs769.8 crore in the quarter-ended December 31, 2006.

For the complete financial year 2006-07, the company''s consolidated net profit, excluding exceptional and prior period items, registered an increase of 160 per cent at at Rs612.6 crore over FY06. Its consolidated revenue grew 136 per cent to Rs2,929 crore.

The company''s headcount rose 88 per cent in the period and stood at 19,749. The utilisation percentage, including trainees, was at 67 per cent.