Tech Mahindra September-quarter profit beats estimates
Software services exporter Tech Mahindra Ltd posted a better-than-expected rise in second-quarter net profit, aided by key client wins.
Active client count grew seven percent to 885 in the quarter, the company said on Wednesday. http://bit.ly/2gTxUW7
Tech Mahindra posted a 30 percent jump in profit attributable to owners at 8.36 billion rupees ($129.42 million) for the September-quarter, handily beating analysts` average estimate of 7.18 billion rupees, according to Thomson Reuters data.
The IT company also earned 3.22 billion rupees under "other income" including a foreign exchange gain of 2.27 billion rupees.
Bigger rivals Wipro and Infosys Ltd also posted a rise in second-quarter profit.
Tech Mahindra`s revenue from operations rose 6 percent to 76.06 billion rupees.
Shares closed down 1.3 percent in trading, while the NSE Nifty ended 1 percent higher. ($1 = 64.5950 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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