IT firm Tech Mahindra has announced that it has clocked a dip of 49.08% in its net profit which stood at Rs 131.62 crore for the quarter ended June 30, 2009.

In the same quarter of previous fiscal, company's net profit figure stood at Rs 258.52 crore.

Recently, the IT firm has purchased controlling stake in Mahindra Satyam (earlier, Satyam Computer Services).

Company's total income came down by 5% to Rs 1,086.88 crore during the reporting quarter from Rs 1,142.50 crore in the year-ago period.

On a quarter-on quarter basis, the company's net profit declined 43% from Rs 230.40 crore in the March quarter of Financial Year 2009.

The company authorities have attributed this substantial dip in net profit to interest costs on borrowings post the Satyam acquisition.

In a communiqué, the company stated that its debt as of June 30, 2009, stood at Rs 2,380.2 crore.

 The company authorities said that this a momentous quarter for Tech Mahindra, which has not only redefined its position in the market place, but also strengthened its leadership position in telecom, and expand its presence across other industry verticals as well.

Tech Mahindra consolidated headcount surged by 510 employees to 25,482 at the end of June.

Stock of Tech Mahindra ended the day at Rs 770, down 5.07% on Bombay Stock Exchange (BSE). The total volume of shares traded on BSE was 801,047.