TechM profit up 4.7% sequentially

TECH MAHINDRA POSTED a 4.7% sequential growth in net profit for the second quarter of the fiscal at $1,195 crore (Q1: %1,141 crore), the Mumbai-based technology major announced on Tuesday. The figure fell short of Bloomberg estimates of 1,285 crore.

- URVI MALVANIA

Revenue for the quarter rose 4.8% sequentially to $13,995 crore (Q1: 13,351 crore), beating Bloomberg’s projection of %13,778 crore.

The company also outperformed street estimates on Ebit, reporting ¥2,168 crore against expectations of %2,084 crore, up 12% quarter on quarter. Ebit margin expanded to 15.5% compared to 14.5% in the previous quarter, while net profit margin remained flat at 8.5%.