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Tech Mahindra hits 52-week low after weak Q1 result
Tech Mahindra declined 4.7% to Rs 610.20 at 9:17 IST on the BSE after consolidated net profit declined 15.29% to Rs 959.30 crore on 2.69% decline in net sales to Rs 8653 crore in Q1 June 2019 over Q4 March 2019.
The result was announced after market hours yesterday, 30 July 2019. Meanwhile, the S&P BSE Sensex was down by 185.51 points or 0.5% to 37,211.73.
On the BSE, 17000 shares were traded in the counter so far compared with average daily volumes of 3.51 lakh shares in the past two weeks. The stock had hit a 52-week low of Rs 609.30 in intraday trade today, 31 July 2019. The stock had hit a high of Rs 628.50 so far during the day. It hit a 52-week high of Rs 846 on 2 May 2019.
Tech Mahindra's consolidated earnings before interest tax depreciation and amortization (EBITDA) declined 19.8% to Rs 1314.10 crore in Q1 June 2019 over Q4 March 2019. The EBITDA margin fell to 15.2% in Q1 June 2019 from 18.4% Q4 March 2019.
CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra said the company remains optimistic on the demand environment, evident from a very strong pipeline and deal conversions.
Tech Mahindra operates in digital transformation, consulting and business re-engineering solutions and is a part of the Mahindra Group.
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