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Tech Mahindra Q2 profit jumps 14%, $ revenue rises 5.2%

Consolidated total income from operations grew by 7.2 percent to Rs 5,488 crore in the quarter ended September 2014 compared to Rs 5,122 crore in June quarter while dollar revenue climbed 5.2 percent quarter-on-quarter to USD 900 million in the quarter gone by.

Tech Mahindra Q2 profit jumps 14%, $   revenue rises 5.2%

The News International Team

Software services firm  Tech Mahindra has reported a 14.1 percent sequential growth in net profit at Rs 720 crore on strong operational performance but impacted by forex loss. Profit in the previous quarter was Rs 630.7 crore.

Consolidated total income from operations grew by 7.2 percent to Rs 5,488 crore in the quarter ended September 2014 compared to Rs 5,122 crore in June quarter while dollar revenue climbed 5.2 percent quarter-on-quarter to USD 900 million in the quarter gone by.

“Robust growth in key verticals underpins our belief in strategy of continuous investment in capabilities. We are also heartened by the growth in larger customers which demonstrates their trust and faith in our partnership,” said Vineet Nayyar, executive vice chairman.

The bottomline was slightly below street expectations of 15.5 percent growth while revenue beat estimates of 5.2 percent growth on rupee revenue front and 3.8 percent on dollar revenue front.

Tech Mahindra also beat on operational front. Consolidated earnings before interest and tax (EBIT) jumped 22.56 percent sequentially to Rs 955 crore and margin expanded by 220 basis points to 17.4 percent as against estimated growth of 18.3 percent and 190 basis points, respectively.

The company reported a forex loss of Rs 45.8 crore during the quarter as against gain of Rs 12 crore in the previous quarter.

More to come…

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