Tech Mahindra gains after strong Q2 earnings

Tech Mahindra rose 2.79% to Rs 2463.30 at 9:16 IST on BSE after consolidated net profit rose 14.1% to Rs 720 crore on 7.2% growth in revenue to Rs 5488 crore in Q2 September 2014 over Q1 June 2014.

The Q2 result was announced after market hours yesterday, 29 October 2014.

Meanwhile, the S&P BSE Sensex was up 42.81 points or 0.16% at 27,140.98.

On BSE, so far 27,000 shares were traded in the counter as against average daily volume of 62,000 shares in the past two weeks.

The stock hit a high of Rs 2,472 and a low of Rs 2,450 so far during the day.

Tech Mahindra's operating profit (EBITDA) jumped 18.2% to Rs 1097 crore in Q2 September 2014 over Q1 June 2014.

The company's cash and cash equivalent stood at Rs 3434 crore as on 30 September 2014.

CP Gurnani, MD & CEO, Tech Mahindra said, "We are seeing increasing interest in digital enablement in our customer base, and our unique combination of capabilities in both the Communications domain and the Enterprise domain positions us well in the marketplace. Our Q2 performance is a reflection of our strength in both these areas".

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions. It's part of the India-based Mahindra Group.

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