Tech Mahindra Betters The Most Bullish Earnings Forecast
Tech Mahindra’s net profit went up 6 percent over the previous quarter to Rs 836 crore.
Tech Mahindra Ltd.’s profit rose for the second straight quarter, surpassing estimates.
Net profit increased 6 percent over the previous quarter to Rs 836 crore in the three months ended September, according to its stock exchange filing. That’s better than the Rs 738 crore consensus forecast of analysts tracked by Bloomberg. It even beat the highest estimate of Rs 810 crore.
Revenue rose 3.7 percent sequentially to Rs 7,606 crore, also higher than anticipated. Revenue in dollar terms went up 3.6 percent to $1179.2 million.
We have posted a reasonably good growth in the quarter across revenue, profit and new business. I believe that we are bridging the gap between experience and understanding quite well, and are displaying agility to embrace changes and opportunities across all the industries we serve.CP Gurnani, Managing Director And CEO At Tech Mahindra
Other earnings from interest, dividend and miscellaneous income declined 21.5 percent sequentially to Rs 322 crore.
Tech Mahindra reported an operating profit of Rs 1,105 crore, an increase of 18.3 percent over the previous three months, while operating margin expanded 180 basis points to 14.5 percent.
Shares of Tech Mahindra rose as much as 3.3 percent to Rs 498 apiece after the earnings announcement. It closed 1.3 percent higher compared to a 0.2 percent decline in the NSE Nifty IT Index.