Tech Mahindra Reports Over 27% Jump In Q2 Profit, Beats Analysts' Estimates

Software services exporter Tech Mahindra posted a better-than-expected 27.3 per cent rise in second-quarter net profit on Tuesday, as it clocked more deals in the July-September period.

Net profit was Rs 1,064 crore ($144.51 million) in the three months ended September 30, compared with Rs 836 crore a year earlier, the Pune-based company said.

Twenty-four analysts on average had expected a quarterly profit of Rs 1,004 crore, according to Refinitiv data.

Revenue from operations increased 13.5 per cent to Rs 8,630 crore.

Shares in Tech Mahindra closed 3.1 per cent higher on the NSE, whose benchmark index Nifty finished 0.5 per cent lower, ahead of the earnings announcement by the IT company.

($1 = Rs 73.63)