Tech Mahindra fell 3.80% to Rs 2,068.50 at 9:17 IST on BSE after consolidated profit after tax rose 2.7% to Rs 631 crore on 1.3% growth in revenue to Rs 5122 crore in Q1 June 2014 over Q4 March 2014.
The result was announced after market hours on Thursday, 31 July 2014.
Meanwhile, the BSE Sensex was down 165.80 points, or 0.64%, to 25,729.17.
On BSE, so far 15,000 shares were traded in the counter, compared with an average volume of 74,944 shares in the past one quarter.
The stock hit a high of Rs 2,076 and a low of Rs 2,026.55 so far during the day. The stock hit a 52-week high of Rs 2,198.05 on 28 July 2014. The stock hit a 52-week low of Rs 1,202.70 on 2 August 2013.
The stock had underperformed the market over the past one month till 30 July 2014, rising 0.23% compared with 2.65% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 17.73% as against Sensex's 16.37% rise.
The large-cap IT company has an equity capital of Rs 234.87 crore. Face value per share is Rs 10.
Tech Mahindra's operating profit (earnings before interest, taxes, depreciation and amortization) declined 13.4% to Rs 928 crore in Q1 June 2014 over Q4 March 2014. The company's cash and cash equivalents as on 30 June 2014 stood at Rs 3669 crore.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said: "The growth momentum for Tech Mahindra continues to be powered by strategic investments and capability building. Our agility to perform in rapidly changing economic conditions speaks volumes about the trust shown by our customers in us. The results are aligned favorably towards us becoming a 'partner of choice' for developing transformational solutions and making enterprises future ready".
CP Gurnani, MD & CEO, Tech Mahindra said: "Our robust performance during the quarter sets the tone for rest of the year. Our customers have shown a remarkable appetite for the "connectedness revolution" and are readying themselves for the disruptions in future. Tech Mahindra with telecom as a horizontal differentiator augurs well with the customers in this potentially disruptive landscape."
Tech Mahindra offers information technology services and solutions.
Powered by Capital Market - Live News
