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Tech Mahindra shares down 1 per cent post earnings

Tech Mahindra shares down 1 per cent post earnings

The IT services firm's scrip settled with a loss of 1.08 per cent at Rs 2,127.15 on the BSE. In intra-day session, it plunged 5.75 per cent to Rs 2,026.55.

Employees walk inside Tech Mahindra office premises in Noida Employees walk inside Tech Mahindra office premises in Noida

Shares of IT services firm Tech Mahindra on Friday fell by 1 per cent after he company reported an 8.1 per cent decline in June quarter net profit.

The company had on Thursday reported an 8.1 per cent decline in quarterly net profit at Rs 630.7 crore as margins slumped due to a slew of factors.

Reacting to the quarterly report the IT services firm's scrip settled with a loss of 1.08 per cent at Rs 2,127.15 on the BSE. In intra-day session, it plunged 5.75 per cent to Rs 2,026.55.

At the NSE, the scrip ended at Rs 2,129.60, down 0.98 per cent.

On the volume front, 1.50 lakh shares were traded at the BSE, while more than 18 lakh shares changed hands at the NSE during the day.

Tech Mahindra's margin narrowed to 18.1 per cent in the quarter ended June from 21.3 per cent in the previous (March) quarter on account of multiple factors, which included cyclical ones as well as some one-offs, Tech Mahindra Executive Vice-Chairman Vineet Nayyar had said.

The margin was impacted by 0.50 per cent by the rupee appreciation against the US dollar and a hike in visa fee shaved off another 1 percentage point.

For the reporting quarter, revenue increased 24.81 per cent to Rs 5,121.5 crore, while operating profit inched up to Rs 928.4 crore from Rs 864.5 crore a year ago.