TECH M Q4 NET FALLS 23 PER CENT

Tech Mahindra on Tuesday disappointed the street by posting a sharp fall in net profit for the quarter ended March 2015 due to currency volatility and salary hikes. The company reported a net profit of ` 472.20 crore, down 23 per cent from ` 614.21 crore reported during the corresponding period, last year. On a sequential basis, the company’s net profit slumped 39.23 per cent from ` 776.77 crore. However, its net sales grew 20.93 per cent to ` 6,116.79 crore as against ` 5,058.11 crore reported during a year earlier. The company incurred a forex loss of ` 154 crore for this quarter.