Tech Mahindra hits 52-week high on good Q2 results

Tech Mahindra gained 3.13% to Rs 1,629.65 at 09:18 IST on BSE, after consolidated net profit rose 4.7% to Rs 718 crore on 16.3% increase in revenues to Rs 4771 crore in Q2 September 2013 over Q1 June 2013.

Meanwhile, the BSE Sensex was down 59.29 points, or 0.28%, to 20,763.48

On BSE, 39,766 shares were traded in the counter compared with average volume of 1.68 lakh shares in the past one quarter.

The stock hit a 52-week high of Rs 1,639.90 in intraday trade today, 8 November 2013. The stock hit a low of Rs 1,608 so far during the day. The stock hit a 52-week low of Rs 865.25 on 7 December 2012.

The large-cap company has an equity capital of Rs 232.45 crore. Face value per share is Rs 10.

Tech Mahindra's operating profit (EBITDA) jumped 28.5% at Rs 1111 crore in Q2 September 2013 over Q1 June 2013. The result was announced after market hours on Thursday, 7 November 2013.

Tech Mahindra said that the results for the Q2 September 2013 include the results of merged entities and its subsidiaries giving effect to the scheme, while the results of the corresponding periods in the previous years does not include the results of the merged entities and hence the same are not comparable.

Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said, "The Digital World is the next phase of our growth and we are ready to ride that wave. I am confident of our alignment with the needs of next generation consumers, with industry best practices and core strengths that our solutions bring."

C P Gurnani, Managing Director & CEO, Tech Mahindra said, "The winning trio for us this quarter - growth across verticals, regions and practices reflects the Tech Mahindra's new found energy and alignment to win large deals, as well as participate with customers in their transformation journey. Our judicious investments in building Connected Solutions and relentless focus on enhancing customer experience is showing results."

Debt was at Rs 335 crore as of 30 September 2013; down by Rs 412 crore during the quarter. Cash and cash equivalent stood at Rs 3273 crore as of 30 September 2013.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra. The company serves telecom service providers, equipment manufacturers, software vendors and systems integrators.

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