Tech Mahindra Q2 net up 28%; shares gain

Stocks

oi-Sneha

By Sneha B K

Updated: Tuesday, November 6, 2012, 12:23 [IST]

Tech Mahindra, India's sixth largest software exporter reported its audited consolidated financial results for the second quarter ended September 30th, 2012.

The company reported 28% rise in its net profit at Rs 178 crore up 28% YoY. The company's revenue grew 22% to Rs 1,631 crore YoY.

Shares of the company was trading at Rs 974, higher by 2.20% on BSE at 10.30 am IST. It touched an intra-day high of Rs 983.

Tech Mahindra's Earnings per Share (EPS) stood at Rs 23.2 for the quarter ended September 30th, 2012.

In this quarter, Tech Mahindra limited announced the 100 % acquisition of Hutchison Global Services (HGS) for $ 87.1 Mn. This acquisition will give Tech M an edge in customer life cycle operations to clients in UK, Ireland and Australia.

Commenting on the result, Vineet Nayyar, Executive Vice Chairman of Tech Mahindra said, "This has been an eventful quarter for us with some wins and key non organic initiatives. Our focus on expanding capabilities to service our customers better has helped us gain traction in the market place and deliver a robust performance. "

Also, announced the acquisition of 51% stake in Comviva Technologies Ltd, a Bharti group Company.

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