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Tech Mahindra Stock Touches New 52-High On Impressive Q3 Results

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Shares of Tech Mahindra rose over 7 percent to touch a fresh 52-week high of Rs 803.60 apiece on BSE. The stocks had previously hit a high of Rs 780 per share on 3 October 2018.

The IT services provider reported a 13 percent increase in net profit to Rs 1,203 crore for the October-December 2018 period as against the previous quarter. On a year-on-year basis, the IT major reported a 27.5 percent hike in net profit.

Tech Mahindra Stock Touches New 52-High On Impressive Q3 Results
 

The company's revenue for the quarter was up by 3.6 percent to Rs 8,944 crore when compared to the September 2018-ended quarter. In US dollar terms, the revenue rose 4.3 percent on a year-on-year basis and 3.5 percent on a quarter-on-quarter basis to $1,260.8 million.

According to analysts, the results for the December-ended quarter were impressive on all fronts. EBITDA (earnings before interest, taxation, depreciation and amortization) margin improved to 19.26 percent from 18.76 percent in the previous quarter.

The company's BPO business continued to show strong performance with a 22 percent growth on a year-on-year basis and a 13 percent rise quarter-on-quarter basis. An increase in the number of employees was also seen, an indication of a healthy growth outlook. Tech Mahindra added one net new client each in its top brackets of over $50 million and $20 million from the total new clientele addition of five.

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