Tech Mahindra announced its quarterly financial performance for the quarter ended December 2008 wherein it posted 12 percent growth in net profit at Rs 222.90 crore as compared to Rs199.40 crore recorded over a year ago. Revenues too increased 17 percent to Rs 1,132.20 crore from Rs970.40 in Dec’07.

However the company had to bear a forex loss of $19 million. The company’s move to hedge its dollar earnings seems to have paid off as it enabled it to protect itself at Rs 42.7 to the dollar.

The company’s performance for the nine months ended till December shows a 42 percent growth in net profit at Rs 784.10 crore while revenues grew 24 percent to Rs3,413.40 crore.

“Our backlog of long-term deals has added value in these conditions and will provide enhanced visibility to our performance going forward,” said Vineet Nayyar, Tech Mahindra Vice-Chairman and Managing Director.

The company’s consolidated headcount increased to 25,429 in December quarter from 25,135 reported in the previous sequential quarter.