Tech Mahindra Shares Gain 6% On Q2 Numbers

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Tech Mahindra surprised the street, after Infosys, TCS and Wipro delivered numbers that lagged estimates.

Shares in Tech Mahindra rallied almost 6 per cent, following its quarterly numbers for the period ending Sept 30, 2016. On Friday the shares rose, after the company reported second quarter results on Thursday after market hours.

Tech Mahindra Shares Gain 6% On Q2 Numbers
Tech Mahindra: Quotes, News
BSE 429.75BSE Quote9.35 (2.18%)
NSE 430.20NSE Quote9.15 (2.13%)

The company reported a dollar revenue growth of 5% on constant currency basis quarter on quarter.

The company reported a 17.55 per cent drop in its profit after taxes (PAT) at Rs 643.40 crore against Rs 776.1 crore a year ago.

The company's revenues for the quarter rose 3.6 per cent to Rs 7,167.40 crore from Rs 6,921 crore reported for the June quarter.

Tech Mahindra's cash and cash equivalent stood at Rs 4,001 crore as of September 30, 2016.

Vineet Nayyar, Vice Chairman, Tech Mahindra, said "Our performance during the financial quarter indicates that our early investments in new technologies and capabilities are starting to show result. We look to continue our growth despite some macroeconomic challenges".

Shares of Tech Mahindra was seen trading at Rs 438 higher by 5.71 per cent on the BSE at 1.20 pm IST. It touched an intra-day high of Rs 443 during trade.

Read more about: tech mahindra, quarterly results
Story first published: Friday, October 28, 2016, 13:34 [IST]
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