1. Tech Mahindra Q2 net profit drops 17.5% to Rs 643 cr

Tech Mahindra Q2 net profit drops 17.5% to Rs 643 cr

Tech Mahindra today posted 17.5 per cent fall in consolidated net profit to Rs 643.4 crore for the second quarter ended September 30, 2016-17, but said it looks to grow despite some macroeconomic challenges.

By: | New Delhi | Published: October 27, 2016 8:44 PM

 

The income from operations (net) increased by over 8 per cent to Rs 7,167.4 crore in the just-ended quarter, from Rs 6,615.5 crore in the year-ago period, according to BSE filing. (Reuters) The income from operations (net) increased by over 8 per cent to Rs 7,167.4 crore in the just-ended quarter, from Rs 6,615.5 crore in the year-ago period, according to BSE filing. (Reuters)

Tech Mahindra today posted 17.5 per cent fall in consolidated net profit to Rs 643.4 crore for the second quarter ended September 30, 2016-17, but said it looks to grow despite some macroeconomic challenges.

It had posted net profit of Rs 780.3 crore in the July- September quarter of last fiscal.

The income from operations (net) increased by over 8 per cent to Rs 7,167.4 crore in the just-ended quarter, from Rs 6,615.5 crore in the year-ago period, according to BSE filing.

“Our performance during the financial quarter indicates that our early investments in new technologies and capabilities are starting to show results. We look to continue our growth despite some macroeconomic challenges,” Vineet Nayyar, Vice Chairman of Tech Mahindra said.

In dollar terms, the consolidated PAT at USD 96.5 million, represented a decline of 18.2 per cent year-on-year, and 13.4 per cent drop on sequential basis.

The revenue at USD 1072.4 million, was up 6.1 year on year and 4 per cent when compared to June quarter.

“Overall it was a very good quarter for us with the growth well supported by our key communications and enterprises business. We had some marquee wins which align very well with our strategy of catering to the connected world,” CP Gurnani, Managing Director and CEO of Tech Mahindra said in a statement.

Shares of Tech Mahindra closed 2.46 per cent lower at Rs 414.8 a share on BSE.

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