Tech Mahindra rallies on Q4 earnings beats analyst forecasts
Q4 profit up 37% at Rs 377 crore on sequential basis on the back of acquitsions and new deals.
Tech Mahindra has rallied 6% to Rs 963 after reporting a better-than-expected 37% quarter-on-quarter (qoq) growth in its consolidated net profit at Rs 377 crore for the quarter ended March 31, 2013 (Q4) on the back of acquitsions and new deals. The company had a profit of Rs 276 crore in December quarter.
Income from operations grew 6.5% at Rs 1,907 crore on sequential basis. EBITDA or operating profit however, increased marginally by 1% at Rs 380 crore on qoq.
Analysts on an average had expected profit of Rs 318 crore and operational income of Rs 1,830 crore from the IT consulting and software firm.
Meanwhile, the management indicated that hearings at Andhra Pradesh High Court are complete and the judgment has been reserved and expects that the judgment will become available in the first two weeks of June.
The stock opened at Rs 962 and touched high of Rs 972 on NSE. A combined 496,749 shares changed hands on the counter till 0930 hours on NSE and BSE.
Income from operations grew 6.5% at Rs 1,907 crore on sequential basis. EBITDA or operating profit however, increased marginally by 1% at Rs 380 crore on qoq.
Analysts on an average had expected profit of Rs 318 crore and operational income of Rs 1,830 crore from the IT consulting and software firm.
Meanwhile, the management indicated that hearings at Andhra Pradesh High Court are complete and the judgment has been reserved and expects that the judgment will become available in the first two weeks of June.
The stock opened at Rs 962 and touched high of Rs 972 on NSE. A combined 496,749 shares changed hands on the counter till 0930 hours on NSE and BSE.