Tech Mahindra spurts after good Q2 result

Tech Mahindra surged 7.13% to Rs 732.40 at 11:25 IST on BSE after consolidated profit after tax rose 18.5% to Rs 1064 crore on 4.3% rise in revenue to Rs 8630 crore in Q2 September 2018 over Q1 June 2018.

The result was announced after market hours yesterday, 30 October 2018.

Meanwhile, the S&P BSE Sensex was down 35.90 points, or 0.11% to 33,855.23

On the BSE, 4.91 lakh shares were traded in the counter so far compared with average daily volumes of 91,000 shares in the past two weeks. The stock had hit a high of Rs 740.50 and a low of Rs 671.25 so far during the day.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 19.3% to Rs 1619 crore in Q2 September 2018 over Q1 June 2018.

The board of directors of Tech Mahindra considered and approved the proposal for merger by absorption of Tech Mahindra Growth Factories (TMGFL), a wholly owned subsidiary company with Tech Mahindra. The business of TMGFL was to create certain new business avenues including education and training services for corporate/working professionals & students.

C P Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra said that barring declines in implementation business in healthcare vertical, the company has clocked a good quarter in terms of both revenue growth and EBIDTA margin improvement.

Tech Mahindra is a specialist in digital transformation, consulting and business reengineering.

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