Tech Mahindra in spotlight after Q2 results

Tech Mahindra's consolidated net profit declined 19.22% to Rs 643.40 crore on 3.56% growth in income from operations to Rs 7167.41 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 27 October 2016.

In dollar terms, the company's consolidated net profit declined 13.4% to $96.5 million on 6.1% growth in revenue to $1.072 billion in Q2 September 2016 over Q1 June 2016. Revenue in constant currency terms rose 5% in Q2 September 2016 over Q1 June 2016.

Vineet Nayyar, Vice Chairman, Tech Mahindra said that the company's performance during the quarter indicates that its early investments in new technologies and capabilities are starting to show result.

C P Gurnani, Managing Director & CEO, Tech Mahindra said that overall, it was a very good quarter with the growth well-supported by its key communications and enterprises businesses. The company had some marquee wins which align very well with its strategy of catering to the connected world, he said.

Bajaj Auto, Colgate-Palmolive (India), Eicher Motors, Grasim Industries, IDFC, Nestle India, NTPC and Vedanta will declare July-September 2016 quarter results today, 28 October 2016.

Wipro announced after market hours yesterday, 27 October 2016 that it has won a five-year engagement with Speciality Restaurants for offering energy management services to the latter, which would help pare energy and operational costs.

NMDC said after market hours yesterday, 27 October 2016 that it has signed a tripartite memorandum of understanding (MOU) with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation (MPSMCL) for geological & geophysical exploration of various minerals in Madhya Pradesh. NMDC had made intentions to invest during the global investors summit held in October 2016 for exploration for different minerals in various districts of Madhya Pradesh over an area of approximately 7,200 square kilometers. As per the MOU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a joint venture with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks.

On a consolidated basis, net profit of JSW Steel rose 1191.25% to Rs 726.46 crore on 22.03% rise in net sales to Rs 12986.63 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 27 October 2016.

Net profit of Castrol India declined 2.37% to Rs 139.80 crore on 2.84% decline in net sales to Rs 758.90 crore in Q3 September 2016 over Q3 September 2015. The result was announced after market hours yesterday, 27 October 2016.

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