Tech Mahindra's Q2 net falls 18%

Tech Mahindra reported consolidated net profit of Rs 643.4 crore for the second quarter ended September 30, 2016, a decline of 17.55% year-on-year and 19.22% quarter-on-quarter (qoq). 

Vineet Nayyar, Vice Chairman of Tech Mahindra said,"Our performance during the financial quarter indicates that our early investments in new technologies and capabilities are starting to show result. We look to continue our growth despite some macroeconomic challenges."

Consolidated total income from operations stood at Rs 7167.41 crore, increasing by 8.34% yoy and 3.56% qoq. Operating profit (EBITDA) was at Rs 1070 crore for this quarter, down by 3.2% yoy but up by 4.5% qoq. It's operating profit margin was flat at 14.9% compared to quarter-on-quarter basis. 

While CP Gurnani, Managing Director & CEO of Tech Mahindra said,"Overall it was a very good quarter for us with the growth well-supported by our key communications and enterprises businesses. We had some marquee wins which align very well with our strategy of catering to the connected world."

 Shares of Tech Mahindra closed at Rs 414.80 per share on BSE Sensex, down by Rs 10.45 or 2.46%.