Tech Mahindra profits up 67%

October 22, 2016

India-based telecoms software provider, Tech Mahindra, has reported its quarterly results, with profits up 67% on year.

The company, whose biggest customer is BT, reported net profit for the three months ending 30th September of 3.03 billion rupees on revenue of 11.65 billion rupees.

Business from Europe contributed to 69% of the revenues, whilst US business contributed 23%.

Chief Financial Officer, Sonjoy Anand, said the company’s long-term focus is helping them through a difficult time in the telecoms industry when many companies are slowing down their spending on new initiatives.

BT, which owns a 30.99% stake in Tech Mahindra, has reduced its business with the company for the first time, causing a ‘de-growth’ in revenues from its biggest customer.

The company did not add any new clients during the period, but did appoint 766 new employees.

Chairman Anand Mahindra said the company demonstrated a consistant performance despite turmoil in global financial markets.

Shares in Tech Mahindra rose 11.5% following the announcement.