Mumbai: For the first quarter ended June 2007, Pune-based Tech Mahindra’s consolidated net profit ascended 59.7 per cent to Rs 170.3 crore as compared to Rs 106.6 crore in June 2006.

Income for the same quarter arose by 49.25 per cent to Rs 876.3 crore from Rs 587.1 crore. The company appended four new customers during the same period.

On a sequential basis, earnings from British Telecom, which is company’s major client, diminished to 64 per cent from 67 per cent of total proceeds.

For the first quarter ended June 2007, the company made 74 per cent of its income from Europe, whereas the US accounted for about 19 per cent.

The company’s share remained down by 1.07 per cent to close at Rs 1479.45 on the BSE on Thursday.

Tech Mahindra is a main source of solutions and services to the telecommunications business. Its major stake was owned by Mahindra & Mahindra, in affiliation with BT Group Plc (BT). Tech Mahindra is India’s 8th biggest software exporter, serving telecom service providers, equipment manufacturers, software vendors and system integrators.