Tech Mahindra, the IT services arm of the Mahindra & Mahindra group, has reported an increase of impressive 60 per cent in its net profit in the second quarter of the financial year to 2.4 billion rupees.

Tech Mahindra’s Mahindra Satyam had recently announced a better than expected second quarter results. However, the company has expressed concerns over the debt crisis in the Eurozone that could impact the demand for It enabled services from India.

Mr. Vineet Nayyar, Vice Chairman, MD and CEO, Tech Mahindra said, “We have seen yet another quarter of steady growth. Our investment in capabilities has enabled us to achieve this inspite of some headwinds.” He also said that the company will continue to build products that are demanded by the market.

The company said in statement that it has entered into an agreement with leading equipment vendor in the Asia Pacific for propositions to various initiatives in the networks. The company has also tied up with a leading IT provider in North America. It will manage customer's internal and external needs along their product R&D services, IT application development managed services areas.

Mahindra & Mahindra, owns a majority state in Tech Mahindra and British Telecommunications owns a stake in the firm.