Mumbai, Jan 21 (Agencies): IT firm Tech Mahindra has reported an increase of 48.81 per cent in its net profit at Rs 257 crore for the third quarter ended December 31, 2010,
over the same period last year.
   
The company had a net profit of Rs 172.7 crore in the October-December quarter last year, Tech Mahindra said in a filing to the Bombay Stock Exchange (BSE).
   
"We have turned in a satisfactory performance in a period of low discretionary spend by our customers. We have remained steadfast in our pursuit of goals -- of investing in capabilities to enable customer delight, while maintaining focus on operating and financial metrics," Tech Mahindra MD, CEO and Vice Chairman VC Vineet Nayyar said.
   
Total income increased to Rs 1,263.3 crore during the period under review, as against Rs 1,187.8 crore in the same period last year.
    
"As the global markets show signs of resurgence, our comprehensive array of service offerings ensure that we are well positioned to rise and meet customer expectations," Tech Mahindra Chairman Anand Mahindra said.

Shares of Tech Mahindra today closed at Rs 689.30 on the BSE, down 0.75 per cent from the previous close.