Tech Mahindra hits record high on good Q3 results

Tech Mahindra gained 1.46% to Rs 2,920.35 at 9:55 IST on BSE after consolidated net profit rose 11.9% to Rs 805 crore on 4.8% increase in revenue to Rs 5752 crore in Q3 December 2014 over Q2 September 2014.

The Q3 result was announced after market hours on Friday, 30 January 2015.

Meanwhile, the S&P BSE Sensex was down 102.52 points or 0.28% at 29,101.54.

On BSE, so far 65,497 shares were traded in the counter as against average daily volume of 45,198 shares in the past one quarter.

The stock hit a high of Rs 2,998, also a record high for the stock. The stock hit a low of Rs 2,898.30 so far during the day. The stock had hit a 52-week low of Rs 1,677.65 on 11 April 2014.

The stock had outperformed the market over the past one month till 30 January 2015, gaining 10.1% compared with Sensex's 6.49% rise. The scrip had also outperformed the market in past one quarter, gaining 16.05% as against Sensex's 6.72% rise.

The large-cap IT firm has equity capital of Rs 240.01 crore. Face value per share is Rs 10.

Tech Mahindra said that net profit includes special adjustment of Rs 28.50 crore of half year ended 30 September 2014 profits of Mahindra Engineering Services (MESL) in Q3 December 2014 numbers.

Tech Mahindra's operating profit (earnings before interest, taxation, depreciation and amortization) {EBITDA} rose 5.7% to Rs 1160 crore in Q3 December 2014 over Q2 September 2014. The company's cash and cash equivalents stood at Rs 4214 crore, up by Rs 780 crore in Q3 December 2014. Active client count stood at 674 in Q3 December 2014 compared with 649 in Q2 September 2014.

Tech Mahindra's board of directors at its meeting held on 30 January 2015, has considered and approved for issue of one bonus equity share for every one equity share and also approved 2-for-1 stock split.

Our continued focus on operational excellence is yielding tangible results for our stakeholders. said Vineet Nayyar, Executive Vice Chairman, Tech Mahindra.

We will make greater investments into Digital Transformation and ride the wave of opportunities that spot the business landscape Today said CP Gurnani, MD & CEO, Tech Mahindra.

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