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Tech Mahindra Reports A 25.8% Jump In Q2 Net Profit
Tech Mahindra, in its stock exchange filing, reported a 25.8 percent rise in net profit for the July-September 2018 quarter at Rs 1,064 crore, as against Rs 836 crore in the same period of the last financial year. When compared to the preceding quarter, the IT services giant's net profit grew by 19 percent from Rs 898 crore.
The company clocked more deals in the period under review and its revenue from operations increased by 13.5 percent to Rs 8,630 crore on a year-on-year basis and by 4 percent from Rs 8,276 crore last quarter. The Pune based company also reported a dollar revenue of $1,218.2 million.
Its consolidated earnings before interest and taxes (EBIT) was up by 23 percent to Rs 1,324.3 crore from Rs 1,076.1 crore in the last quarter. Its consolidated EBIT margin was up by 203 basis points to 15.3 percent from 13 percent in the June-ended quarter.
The results were declared after market closing hours. Shares of Tech Mahindra closed 3.04 percent higher at Rs 684.50 a piece.
Tech Mahindra also announced a collaboration with Japanese telecom firm Rakuten Mobile Network to set up 4G and 5G network labs in Bengaluru and Tokyo. "With this collaboration, Rakuten and Tech Mahindra aim to build a world-class 5G ready network lab which will be one of its kind in the industry," the companies said in a joint statement.
