Consolidation weighs

India, Oct. 20 -- Tech Mahindra (TECHM.NS : 916.55 +7.3) Net profit of Tech Mahindra, for the second quarter ended September 30, 2009 fell by over 44 per cent to Rs 169 crore from Rs 302.8 crore in corresponding quarter of last year.

Compared with previous quarter of 2009, net profit for the present quarter increased 20.6 per cent against the previous quarter of Rs 140.1 crore. Consolidated operating profit of the company for the present quarter stood at Rs 292.5 crore as agianst Rs 280.5 crore in the previous quarter.

Apollo Tyres (APOLLOT_A.NS : 51.6 0) Spurred by the acquisition of Dutch tyre company Vredestein Banden earlier this year, dometic tyre major Apollo Tyres on Tuesday reported a consolidated net profit of Rs 129.2 crore for the second quarter ended September 30, 2009 as against Rs 15.1 crore in the same period last year.

"The acquisition of Vredestein resulted in the surge in our top and bottom lines in this quarter," said Sunam Sarkar, chief financial officer, Apollo tyres. "That makes the number incomparable with last year but on a stand alone basis as well we did quite well."

The company has revised its guidance for the full fiscal by 50 per cent and is now targeting to cross total revenues of Rs 7,500 crore in the current year.

Thye company's sales for the July-September quarter stood at Rs 2,046.19 crore, against Rs 1,262.1 crore in the same period last fiscal.

Polaris Software Polaris Software Lab on Tuesday said its consolidated profit after tax rose by 2.23 per cent to Rs 35.19 crore for the quarter ended September 30, 2009. The company posted profit after tax of Rs 27.59 crore in the latest quarter, down 7.91 per cent from Rs 29.96 crore in the same period previous fiscal.