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Tech Mahindra share closes 8.13% higher on 27.5% rise in Q3 net profit

The Tech Mahindra share opened with a gain of 4.27% at 782 level in trade today and hit an intra day high of 814 level on the BSE. The Tech Mahindra share has gained 33.47% during the last one year and risen 12.47% since the beginning of this year.

twitter-logo BusinessToday.In        Last Updated: February 6, 2019  | 17:02 IST
Tech Mahindra share closes 8.13% higher on 27.5% rise in Q3 net profit

The Tech Mahindra share price rose 8.13% in trade today after the IT firm reported a 27.5 per cent jump in December quarter profit at Rs 1,203 crore compared to profit after tax of Rs 9,431 crore in the corresponding period a year ago.  Net profit rose 13% compared to the September quarter net profit of Rs 1,064 crore. The Tech Mahindra share closed 8.13% or 61 points higher at 811 level compared to the previous close of 750 on the BSE.

The large cap stock opened with a gain of 4.27% at 782 level in trade today and hit an intra day high of 814 level on the BSE. The Tech Mahindra share has gained 33.47% during the last one year and risen 12.47% since the beginning of this year.

The stock closed above its 50-day and 200-day moving averages of 710 and 708, respectively.  

The stock has been gaining for the last five days and risen 13.28% during the period.

The company's consolidated revenue from operations increased 15 per cent to Rs 8,944 crore, compared with Rs 7,776 crore in the year-ago quarter.

"This is a milestone quarter for Tech Mahindra with $5 billion annual revenue run rate in sight. The current quarter has been impressive on all fronts, delivering steady growth in the enterprise and communications business along with margin expansion," Tech Mahindra Managing Director and Chief Executive Officer CP Gurnani said.

The total headcount of the company stood at 1,21,842 by the end of December 2018.

"We continue to improve on our operating metrics across most of our business lines. We have clocked yet another strong quarter, in terms of revenue growth, continued Ebitda margin improvement, cash flow and robust deal wins," Tech Mahindra Chief Financial Officer Manoj Bhat said.

Basic earnings per share rose to Rs 13.55 in the December quarter compared to Rs 10.73 in the corresponding quarter of previous fiscal.

Provision for taxes rose  to Rs 263.8 crore in Q3 compared to Rs 257 crore  in the corresponding quarter of previous fiscal.

Meanwhile, the Sensex and Nifty closed higher today. While the Sensex rose 358 points to 36,975, the Nifty gained 128 points higher to 11,062.

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