Tech Mahindra | CMP: Rs 1,067.95 | The stock ended in the green after the firm declared its September quarter earnings. THe company reported a 4 percent year-on-year fall in consolidated net profit at Rs 1,285 crore for the quarter ended September 30, higher than analysts' estimate of Rs 1,224 crore. Sequentially, net profit jumped 13.6 percent from Rs 1131.6 crore in the June quarter. Consolidated revenue from operations for the quarter came in at Rs 13,129.5 crore, higher by 3.3 percent sequentially and 20.6 percent year-on-year. Revenue stood at Rs 10,881.3 crore in the same quarter last fiscal. In dollar terms, the company's revenue stood at $1,638 million, up 0.3 percent QoQ and up 11.2 percent YoY, broadly in-line with analyst estimates. In constant currency terms, revenue growth came in at 2.9 percent QoQ.
IT services provider Tech Mahindra on November 1 reported a 4 percent year-on-year fall in consolidated net profit at Rs 1,285 crore for the quarter ended September 30, higher than analysts' estimate of Rs 1,224 crore.
Sequentially, net profit jumped 13.6 percent from Rs 1,131.6 crore in the June quarter.
Consolidated revenue from operations for the second quarter of the financial year 2022-23 came in at Rs 13,129.5 crore, up 3.3 percent sequentially and 20.6 percent year-on-year. Revenue stood at Rs 10,881.3 crore in the same quarter last fiscal.
"While market conditions evolve and supply-side challenges continue, we will strengthen our differentiated offerings to help customers in their transformation journey through our integrated & new-age solutions," CP Gurnani, MD & CEO, Tech Mahindra said.
The company announced a special dividend of Rs 18 per share and fixed November 10 as the record date for this corporate action.
In dollar terms, the company's revenue stood at $1,638 million, up 0.3 percent QoQ and up 11.2 percent YoY, broadly in-line with analyst estimates. In constant currency terms, revenue growth came in at 2.9 percent QoQ.
Earnings before interest and tax (EBIT) were at Rs 1,492 crore, up 6 percent sequentially but down 9.7 percent YoY. EBIT margin improved 40 basis points to 11.4 percent from the previous quarter.
One basis point is one-hundredth of a percentage point.
The company's mainstay communications, media and entertainment vertical contributed 39.7 percent to the total revenue. Manufacturing vertical contributed 16 percent, technology 10.1 percent and BFSI 16.3 percent.
Americas' revenue share was 50.8 percent of the total revenue and Europe's share came in at 24.5 percent, said the company.
Net new deal wins' total contract value stood at $716 million as compared to $750 million during the same quarter last year.
The number of active clients at the end of the quarter stood at 1,279 compared to 1,262 at the end of the June quarter and 1,123 clients during the same period a year ago.
The company also reported a decline in attrition rate to 20 percent, down from 22 percent in the April-June period. The total headcount stood at 163,912.Tech Mahindra Q2 | Net profit falls 4% to Rs 1,285 crore, revenue up 20% - Moneycontrol
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