Tech Mahindra posted its performance results for the second quarter of FY 2019, revealing that the company made net profits equal to Rs.1,064 crore – a 27 per cent year-on-year rise. The net profit of the previous fiscal in the quarter ended September 30 was Rs.836 crore.
According to estimates by several analysts, the profit of the Pune-based firm was expected to be around Rs.1,004 crore to Rs.1,012 crore. However, the performance of the company in Q2 beat the estimates and made a 19 per cent jump in net profit from the previous quarter.
The revenue of the company also exceeded expectations in the second quarter of the year. While analysts at Reuters had expected it to be Rs.8,605.8 crore, the revenue posted for the quarter was Rs.8,630 crore. The quarter-on-quarter increase in revenue was 4 per cent.
The IT services company also witnessed an increase in the earnings before interest, tax, depreciation and amortization (EBITDA) during the July – September quarter to Rs.1619 crore. The EBITDA, hence, saw a 46.40 per cent rise year-on-year and a 19.30 per cent rise quarter-on-quarter.
Tech Mahindra reported that they bagged 4 more clients during the quarter, taking up the total client count to 930 as on September 30.
The company also posted the attrition details of the company. The attrition rate was 20 per cent in the second quarter while it was 19 per cent in the first quarter.
Sources: Money control, Economic Times