Tech Mahindra Q2 profit beats many experts at Rs 1,064 crore; revenue at Rs 8,630 crore

Tech Mahindra reported a consolidated net profit of Rs 1,064 crore for the September quarter, a rise of 19 percent quarter on quarter from Rs 898 crore.

The revenues rose 4 percent at Rs 8,630 crore against Rs 8,276 crore during the previous quarter.

The Mahindra Group company reported dollar revenue of $1,218.2 million.

The results managed to beat Street estimates. Analysts polled by Reuters, on average, expected revenue of Rs 8,605.8 crore and profit of Rs 1,003.7 crore.

The consolidated earnings before interest and taxes grew 23 percent to Rs 1,324.3 crore from Rs 1,076.1 crore reported during the June quarter.

The consolidated EBIT margin rose to 15.3 percent a rise of over 2 percentage points from 13 percent quarter on quarter.

The company reported an attrition rate of 20 percent, a rise from 19 percent during the previous quarter. It also said that it added 4 clients during the quarter, ending the reported period with an active client count of 930.

“It has been a satisfying quarter where our focus on digital transformation has helped us deliver a robust performance. Our strong deal wins especially in the Communication vertical coupled with our 10% plus sequential growth in digital revenues are a validation of our Run, Change and Grow strategy. Barring declines in our implementation business in our healthcare vertical, we have clocked a good quarter in terms of both revenue growth and EB/DTA margin improvement," C P Gurnani, Managing Director & Chief Executive Officer of Tech Mahindra said in a statement to exchanges.

At the close of market hours, Tech Mahindra was quoting at Rs 684.50, up Rs 20.20, or 3.04 percent, on the BSE.

Source:- MoneyControl

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