Tech Mahindra nudges higher after posting good Q3 results

Tech Mahindra rose 0.4% to Rs 607.80 at 9:20 IST on BSE after consolidated net profit rose 12.8% to Rs 943 crore on 2.2% rise in revenue to Rs 7776 crore in Q3 December 2017 over Q2 September 2017.

The announcement was made after market hours yesterday, 29 January 2018.

Meanwhile, the S&P BSE Sensex was down 94.53 points, or 0.26% to 36,188.72.

On the BSE, 58,000 shares were traded in the counter so far, compared with average daily volumes of 3.46 lakh shares in the past two weeks. The stock had hit a high of Rs 610.40 and a low of Rs 593.60 so far during the day. The stock had hit a 52-week high of Rs 613.35 on 25 January 2018. The stock had hit a 52-week low of Rs 357.60 on 29 May 2017.

Tech Mahindra's earnings before interest, tax and depreciation (EBITDA) margin rose 1.8% to 16.3% in Q3 December 2017 compared with Q2 September 2017.

Vineet Nayyar, Vice Chairman, Tech Mahindra, said that the focus on digital transformation, continuous reskilling of workforce to meet the future demands of market space is showing encouraging results. The quarterly results also demonstrate company's focus on execution, which is key in an otherwise unpredictable macro business environment.

C P Gurnani, CEO & MD, Tech Mahindra, said that the company has continued to clock steady growth in the quarter across revenue, profits and new business. The company's commitment to 'DAVID' strategy (digitization, automation, verticalization, innovation, disruption) has yielded marquee deals in the digital space.

Tech Mahindra offers innovative and customer-centric information technology experiences.

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