Tech Mahindra tanks over 10% on weak Q4 results
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Shares of Tech Mahindra have tanked 13.4% to Rs 554, the sharpest intra-day fall since February 2011 on the NSE, after the company reported a nearly 500 basis points (bps) decline in EBITDA margins at 15.2% for the fourth quarter ended March 31, 2015 (Q4) against 20.2% in the December 2014 quarter.
Meanwhile, the company had reported a 39% sequential fall in consolidated net profit (prior to special adjustments) to Rs 472 crore, due to higher employee expenses and cross-currency fluctuations. The company had posted a profit of Rs 777 crore in the previous quarter.
Revenue for the quarter grew 6.4% at Rs 6,117 crore on a sequential basis.
“Our Q4 results were impacted by macroeconomic factors like cross currency headwinds and salary increases. We will endeavor to work on improving our operating metrics to achieve synergy with our recent acquisitions,” said Vineet Nayyar, Executive Vice Chairman, Tech Mahindra.
The trading volumes on the counter jumped more than three-fold, with a combined 8.44 million shares changing hands on the NSE and BSE.
At 0946 hours, the stock was down 13% to Rs 557 on the NSE.
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