Tech Mahindra dips by 17% due to weak Q4 results
DSIJ Intelligence / 29 May 2017
On Monday, in early trading shares of Tech Mahindra dipped by 17 per cent to Rs 357 which leads to loss of nearly Rs 7,000 crore to shareholders.
On Monday, in early trading shares of Tech Mahindra dipped by 17 per cent to Rs 357 which leads to loss of nearly Rs 7,000 crore to shareholders.
On Friday, company’s net profit dropped by 30.2 per cent to Rs 589.6 crore for the fourth quarter ended March 31, 2017.
Company’s Q4FY17 results was largely below the estimates of shareholders. Revenue of the company for the quarter ended March 31, 2017, fell by 0.8 per cent at Rs 7,495 crore but on a year-on-year basis, it was up by 8.9 per cent.
The company’s EBITDA for March quarter was Rs 899 crore, fell by 21.9 per cent YOY basis and sequentially by 24.3 per cent.
On Monday, Tech Mahindra is trading at Rs 381.15, down by 11.23 per cent on BSE at 11:04 hours. It opened with Rs 395.00, while its previous close was Rs 429.35 on Friday.
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