Tech Mahindra shares up 3% in early trade

PTI Updated - February 07, 2013 at 11:12 AM.

Tech Mahindra shares rose nearly 3 per cent in early morning trade today, bucking a marginal fall in consolidated net profit for the third quarter ended December 31, 2012.

The scrip opened the day on a positive note and further gained 2.69 per cent to Rs 1,005.45 on the BSE. On the NSE, the stock rose 2.58 per cent to Rs 1,004.85.

“Tech Mahindra reported another quarter of robust performance as Q3 FY13 revenue was ahead of our and street’s estimates,” Edelweiss Research said in a report.

Another brokerage firm Angel Broking said: “The overall results were healthy on the back of acquisitions and new deals.”

The country’s sixth largest software exporter Tech Mahindra reported a marginal dip in consolidated net profit at Rs 275.77 crore for the quarter ended December 31, 2012 due to a one-time settlement made by Mahindra Satyam.

This was against a net profit of Rs 276.03 crore in the same period last year.

During the quarter, Mahindra Satyam paid Rs 294 crore towards settlement of legal claims of Aberdeen.

Tech Mahindra’s consolidated revenues during the quarter increased about 24 per cent to Rs 1,791.10 crore from Rs 1,444.87 crore in the year-ago period.

On a standalone basis, the company’s net profit jumped 73.7 per cent to Rs 189.09 crore, while revenues grew eight per cent to Rs 1,502.52 crore.

Published on February 7, 2013 05:15