Tech Mahindra’s net profit climbs 20.5% to Rs 750 crores


Software exporter Tech Mahindra climbs 3.34% to Rs 506 at 9:53 IST on BSE following consolidated net profit jumps 12.58% to Rs 750.10 crore. On 1 August 2016 the result was declared subsequent to market hours. For now, the S&P BSE Sensex was up 101.06 points, or 0.36%, to 28,104.18. On BSE, so far 2.29 lakh shares were buying and selling in the counter, in comparison with an standard daily volume of 1.45 lakh shares in the precedent one quarter. The stock hit an elevated of Rs 509.85 and a low of Rs 485.25 so far through the day. The stock hit a 52-week towering of Rs 581.95 on 28 September 2015. On 29 February 2016, the stock hit a 52-week low of Rs 407.50. The stock had underperformed the market over the precedent one month till 1 August 2016, falling 4.29% compared with 3.16% increase in the Sensex.

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The scrip had also underperformed the market in precedent one quarter, growing 0.51% as next to Sensex's 9.36% climb. The large-cap corporation has an equity capital of Rs 485.77 crore. Face value per share is Rs 5. Earnings before interest, taxes, depreciation and amortization (EBITDA) cut down 10.59% to Rs 1029.10 crore in Q1 June 2016 over Q4 March 2016. The EBIDTA margin drops sharply to 14.9% in Q1 June 2016 from 16.7% in Q4 March 2016. Commenting on the primary quarter results, Vineet Nayyar, Vice Chairman, Tech Mahindra, conveyed that the corporation had a stable quarter inspite of the seasonal weakness in the mobility business.

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Nayyar has also further conveyed that, the organization anticipates upgrading of the corporations profitability going ahead. Remarking on the primary quarter results, C P Gurnani, Managing Director & CEO, Tech Mahindra also further conveyed that the trade has done well on several parameters like large client expansion, digital wins and strong cash flows. He has also further conveyed that, mechanization and release brilliance are two key focus areas for the year going ahead. Tech Mahindra is an expert in digital alteration, consulting and business re-engineering solutions.