Tech Mahindra stock gains nearly 3% post Q3 results

Tech Mahindra shares today rose by nearly 3 per cent in early morning trade, bucking a marginal fall in consolidated net profit for the third quarter ended December 31, 2012.

The company's scrip opened the day on a positive note and further gained 2.69 per cent to Rs 1,005.45 on the BSE.

At NSE, the stock rose by 2.58 per cent to Rs 1,004.85.

"Tech Mahindra reported another quarter of robust performance as Q3 FY13 revenue was ahead of our and street's estimates," Edelweiss Research said in a report.

Another brokerage firm Angel Broking said, "The overall results were healthy on the back of acquisition's and new deals."

Country's sixth largest software exporter Tech Mahindra consolidated net profit dipped marginally to Rs 275.77 crore for the quarter ended December 31, 2012 due to a one-time settlement made by Mahindra Satyam.

This was against a net profit of Rs 276.03 crore in the same period last year.

During the quarter, Mahindra Satyam paid Rs 294 crore towards settlement of legal claims of Aberdeen.

Tech Mahindra's consolidated revenues in the reported quarter increased by about 24 per cent to Rs 1,791.10 crore from Rs 1,444.87 crore in the year-ago period.

On standalone basis, the company's net profit jumped 73.7 per cent to Rs 189.09 crore, while revenues grew by eight per cent to Rs 1,502.52 crore in the October-December 2012 quarter.

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