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Tech Mahindra shares surge nearly 5 pct on robust earnings

Feb 05 2014, 15:12 IST
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Tech Mahindra had posted a profit of Rs 321.5 crore in the same period last year. PTI Tech Mahindra had posted a profit of Rs 321.5 crore in the same period last year. PTI
SummaryTech Mahindra had posted a profit of Rs 321.5 crore in the same period last year.

Shares of IT firm Tech Mahindra Ltd today rose by nearly 5 per cent after the company posted an over three-fold jump in consolidated net profit in the quarter ended December.

Cheering the smart set of earnings that were declared post market hours yesterday, shares of Tech Mahindra opened the day on a firm note and further gained 4.49 per cent to Rs 1,849 on the BSE Sensex.

At the NSE Nifty, the stock jumped 4.46 per cent to Rs 1,849.95.

"Tech Mahindra reported its Q3 FY'14 results which surprised positively on the revenue front while it came in-line with the expectations on the operating margin," said Ankita Somani, Research Analyst - IT, Angel Broking.

Tech Mahindra yesterday posted an over three-fold jump in consolidated net profit to Rs 1,009.8 crore in the quarter ended December, on growth in telecom, financial and manufacturing sectors.

The company had posted a profit of Rs 321.5 crore in the same period last year.

Consolidated revenue grew 33.5 per cent to Rs 4,898.5 crore for the reported quarter from Rs 3,668.3 crore in the year-ago period.

In dollars terms, revenue grew 17.2 per cent year-on-year to USD 791 million, while net profit was 175.7 per cent higher at USD 163.1 million.

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