Tech Mahindra gains after decent Q2 outcome

Tech Mahindra rose 1.04% to Rs 562.90 at 9:16 IST on BSE after consolidated net profit rose 16.2% to Rs 785.60 crore on 5.1% rise in revenue to Rs 6615.50 crore in Q2 September 2015 over Q1 June 2015.

The result was announced after market hours yesterday, 3 November 2015.

Meanwhile, the BSE Sensex was up 192.98 points, or 0.73%, to 26,783.57.

On BSE, so far 1.71 lakh shares were traded in the counter, compared with an average volume of 1.88 lakh shares in the past one quarter.

The stock hit a high of Rs 569 and a low of Rs 561 so far during the day. The stock hit a record high of Rs 749.50 on 2 February 2015. The stock hit a 52-week low of Rs 458.70 on 6 July 2015.

The stock had outperformed the market over the past one month till 3 November 2015, falling 1.03% compared with 1.41% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.41% as against Sensex's 5.66% decline.

The large-cap IT company has an equity capital of Rs 483.10 crore. Face value per share is Rs 5.

Tech Mahindra's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 16.5% to Rs 1101 crore in Q2 September 2015 over Q1 June 2015. In dollar terms, net profit rose 12.3% to $119 million on 2.2% growth in revenue to $1011 million in Q2 September 2015 over Q1 June 2015. Revenue growth stood at 3% in constant currency terms on sequential basis.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.

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