India’s Tech Mahindra second-quarter revenue beats estimate
Tech Mahindra CEO Mohit Joshi speaks during a press conference announcing the company’s quarterly results in Bengaluru, India, April 25, 2024. REUTERS/Meghana Sastry
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Oct 15 : India’s Tech Mahindra on Thursday beat second-quarter revenue expectations, as steady growth in its manufacturing communication verticals and a weak rupee helped.
Consolidated revenue rose 15.6 per cent to 161.80 billion rupees ($1.70 billion) year-on-year. Analysts, on average, expected revenue to come in at 151.95 billion rupees, as per data compiled by LSEG.
The IT services company also said it would issue bonus shares worth up to 4.9 billion rupees, the first time it has done so since 2015.
($1 = 95.0550 Indian rupees)
Source: Reuters
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