Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,829.95-10.5
Stock Analysis, IPO, Mutual Funds, Bonds & More

Tech Mahindra Q3 a 'milestone': Key takeaways

​CEO C P Gurnani termed the quarterly performance as a "milestone".

ETMarkets.com|
Updated: Feb 05, 2019, 05.07 PM IST
0Comments
FILE PHOTO: A computer keyboard is seen in this picture illustration
Sequentially, profit grew 13 per cent. The results came in after market hours.
Information technology player Tech Mahindra on Tuesday posted a 28 per cent year-on-year growth in consolidated net profit at Rs 1,203 crore for the December quarter.

Sequentially, profit grew 13 per cent. The results came in after market hours.

CEO C P Gurnani termed the quarterly performance as a "milestone". The stock settled flat at Rs 750 on the BSE on Tuesday.

Here are the key third quarter earnings highlights from Tech Mahindra.

  • Top line picks up: Revenue for the quarter rose 15 per cent YoY to Rs 8,944 crore, the IT major said in a BSE filing. In dollar terms, revenue jumped 4.3 per cent YoY and 7.8 per cent QoQ to $1,260.80 million.

  • Margin gets a lift: Ebitda margins of the IT firm came in at 19.3 per cent, up 300 basis points (bps) YoY and 50 bps QoQ.

  • EPS: Tech Mahindra's earnings per share (EPS) was Rs 13.55 for the quarter through December.

  • CEO-speak: “This is a milestone quarter for Tech Mahindra with 5 billion dollars annual revenue run rate in sight. The current quarter has been impressive on all fronts, delivering steady growth in Enterprise and Communications business along with margin expansion. Our Run, Change and Grow strategy has helped us deliver a strong 10% sequential growth in digital revenues. We are confident of continuing the growth momentum,” said C P Gurnani, Managing Director and CEO, Tech Mahindra.

  • Key order win: The software exporter won a key contract from one of the largest banks in the ANZ region for digital channel integration across core banking processes and asset finance.

  • Attrition: Employee attrition stood at 21 per cent in Q3 in comparison with 20 per cent in Q2. Total headcount read 1,21,842, up 3,451 on a QoQ basis.

  • The 5G push: Tech Mahindra and Rakuten Mobile Network have teamed up to build world-class, next generation (4G & 5G) Software Defined Network laboratories. This lab will be one of its kind in the industry, which will help create next generation of mobile broadband, enabled by 5G, and transformation of industries across the globe.


Also Read

US economy grows 1.9% in Q3

Early Diwali hurts Amazon's Q3 growth

Nestle India Q3 profit jumps 33% to Rs 595 crore

Global gold demand grows 3% in Q3: WGC

Hexaware net profit up 6.7% in Q3

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service