Tech Mahindra posts 221 crore net profit in Q4

Tuesday, 28 April 2009, 02:27 Hrs
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New Delhi: IT services exporter Tech Mahindra, which is taking over the fraud-hit IT giant Satyam Computer Services, Monday reported a net profit of 221.3 crore for the fourth quarter of 2008-09.

The company had reported a loss of 207.07 crore in the corresponding period in 2007-08 after it accounted for one-time expense of 440 crore, an official statement said.

The company has logged a net profit of 986.65 crore in 2008-09 as against 342.11 crore during the year before.

Tech Mahindra, which April 13 won an open bid to acquire 31 percent stake in Satyam for 1,757 crore ($351.4 million), last week announced its open offer for a 20-percent additional stake in the IT giant at 58 per share.

The offer to all existing shareholders of the Hyderabad-headquartered Satyam opens June 12 and closes July 1.
Source: IANS
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