Positive Q4 Result for Tech Mahindra: Net Profit Rs.221 crore

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IT services exporter Tech Mahindra, which is taking over the fraud-hit IT giant Satyam Computer Services, on Monday reported a net profit of Rs.221.3 crore for the fourth quarter of 2008-09.

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

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

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

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

Source: hindu.com

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