Tech Mahindra Q1 net profit almost doubles

MUMBAI, INDIA: Tech Mahindra, India's No. 5 software firm, said on Friday that it has posted a profit after tax of Rs 276.55 crore for the quarter ended June 30, 2011 as compared to Rs 144.26 crore in the year-ago quarter. Last quarter, Tech Mahindra reported a net profit of Rs 92 crore.

Total revenue has increased from Rs 1174.47 crore for the quarter ended June 30, 2010 to Rs 1338.57 crore for the quarter ended June 30, 2011, it said in a statement.

The increase in profit is due to a reduction in interest expenses and driven by its share of profit from unit Satyam Computer Services Ltd.