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Tech Mahindra Q3 net falls 22 p.c YoY

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CIOL Bureau
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BANGALORE, INDIA: Indian IT services firm Tech Mahindra Ltd on Friday reported a 22 per cent fall in quarterly profit, weighed down by interest costs on borrowings to fund its acquisition of Satyam Computer Services.

The company, a provider of information technology services to the telecoms industry, said net profit in October-December, its fiscal third quarter, fell to 173 crore rupees from 223 crore reported a year ago.

Ahead of the announcement, shares in Tech Mahindra, which has bought a 42.7 per cent stake in fraud-tainted Satyam Computer and later renamed it as Mahindra Satyam, ended 2.8 per cent higher at 1,135.35 rupees in the Mumbai market.

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