Tech Mahindra lost 12.89% to Rs 558 at 09:49 IST on BSE after consolidated net profit before special adjustment related to Mahindra Engineering Services fell 39.23% to Rs 472 crore in Q4 March 2015 over Q3 December 2014.
The result was announced after market hours yesterday, 26 May 2015.
Meanwhile, the S&P BSE Sensex was down 125.79 points or 0.46% at 27,405.62.
On BSE, so far 7.19 lakh shares were traded in the counter as against average daily volume of 3.47 lakh shares in the past one quarter.
The stock hit a high of Rs 578.40 and a low of Rs 550.10 so far during the day. The stock had hit a record high of Rs 749.50 on 2 February 2015. The stock had hit a 52-week low of Rs 444.25 on 26 May 2014.
The large-cap IT services provider has equity capital of Rs 480.68 crore. Face value per share is Rs 5.
Tech Mahindra's revenue from services rose 6.33% to Rs 6116.80 crore in Q4 March 2015 over Q3 December 2014.
Tech Mahindra said that the results are not comparable as the Q4 March 2015 results include the results of Lightbridge Communications Corporation (LCC), USA and SOFGEN Holdings (SOFGEN) which were acquired as 100% subsidiary effective from 2 January 2015 and 14 March 2015 respectively.
Tech Mahindra's earnings before interest, taxation, depreciation and amortization (EBITDA) fell 19.95% to Rs 928.60 crore in Q4 March 2015 over Q3 December 2014.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said that the company's Q4 March 2015 results were impacted by macroeconomic factors like cross currency headwinds and salary increases.
Tech Mahindra announced after market hours yesterday, 26 May 2015, that its board approved the proposal for amalgamation of Tech Mahindra BPO and New vC Services, wholly-owned subsidiaries, with Tech Mahindra. As per the proposal, Tech Mahindra BPO and New vC Services would be merged with Tech Mahindra. The appointed date of the merger scheme is 1 April 2015. Tech Mahindra will not issue new shares upon merger since Tech Mahindra BPO and New vC Services are its wholly owned subsidiaries. The merger is subject to the approval from High Court of Bombay and shareholders and creditors of the companies.
Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.
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