Mumbai-based IT solutions provider to telecom firms, Tech Mahindra,
reported a net loss of $54.7 million (around Rs 221 crore) for the
fourth quarter ended March 2008 as it incurred an exceptional charge
of $109.9 million (around Rs 440 crore) towards an exclusivity payment
to a customer (name not disclosed but sources say it's BT) for a long-
term strategic transformation contract.
In rupee terms, the company a consolidated net profit after tax and
before exceptional item of Rs 218.9 crore for Q4 FY 08 as against Rs
196.1 crore in Q4 FY 07 -- a 11.6 per cent growth. Its revenue touched
Rs 1021.8 crore for Q4 FY08 as against Rs 874.5 crore in Q4 FY07 -- a
16.9 per cent increase.
For the full year ending March 31, 2008, its consolidated revenue grew
by 28.6 per cent to Rs 3,766.10 crore from Rs 2,929 crore in the
previous financial year. Its consolidated net profit grew by 25.6 per
cent to Rs 769.6 crore from Rs 612.6 crore (excluding exceptional
items) in the previous year. Consolidated net profit after exceptional
items was reported at Rs 329.9 crore.
The company derived 19.4 per cent, 73.6 per cent and 7 per cent of its
revenues from the US & Canada, Europe (primarily British Telecom) and
rest of the world (ROW) regions respectively. The number of clients
increased from 83 in FY 07 to 107 in FY 08. Its consolidated headcount
increased from 19,749 in March 2007 to 22,884 in March 2008 -- a
growth of 15.9 per cent.
British Telecom holds a 31 per cent stake in Tech Mahindra and
contributes to over 60 per cent of its revenue. AT&T is its other
major client, contributing 16-17 per cent.
Anand Mahindra, Chairman, Tech Mahindra, said: "Our robust results
reinforce our leadership position in our chosen vertical. Our
alignment to customer needs and our investments in the telecom domain
have positioned us well for growth." Vineet Nayyar, Vice Chairman &
MD, Tech Mahindra, said: "Our strategy of building long-term
partnerships with our customers by pursuing multi year deals has
yielded us dividends this quarter. These deals are a reflection of the
confidence reposed in us by our customers
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