Tech Mahindra’s Sept quarter net jumps 26%

Tech Mahindra’s Sept quarter net jumps 26%

Shares of Tech Mahindra surged over 6% to Rs 1,622 apiece on the BSE in Tuesday’s opening deals after the IT company reported a 26% year-on-year (YoY) increase in its September quarter net at Rs 1,338.7 crore and expects to maintain the trajectory.
The Mahindra Group’s software services exporter had reported a profit of Rs 1,064.6 crore in the July-September 2020 quarter.

However, on quarterly basis, the profit fell 1.07% in Q2 compared to Rs 1,353.2 crore posted in the June quarter.
The IT firm’s revenue from operations surged 14.32% to Rs 8,464.9 crore from Rs 7,404.4 crore posted in the same period last year.
Tech Mahindra currently has a total headcount of 1,41,193, up 14,930 on a quarter-on-quarter basis.
Also, the company has announced a special dividend of Rs 15 per share. November 5 has been fixed as the record date and the special dividend will be paid November 22.

Tech Mahindra has acquired two companies – US-based Infostar LLC (Lodestone) and London-based We Make Websites Ltd (WMW), for $105 million and 9.4 million pounds (approx. $13 million) respectively to strengthen its digital portfolio.

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