Tech Mahindra Q3 net up 12%, announces bonus & stock split

Posted by On March 19, 2015 0 Comment

Tech Mahindra’s board of directors today approved for issue of one bonus equity share for every one equity share and also approved the stock split of equity shares from the existing face value of Rs 10 per share to Rs 5 per share.

Consolidated profit jumped 11.9 percent sequentially to Rs 805 crore during Octber-December quarter. Profit had expected at Rs 799 crore on revenue of Rs 5,723 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18. Consolidated revenue increased 4.8 percent quarter-on-quarter to Rs 5,752 crore and dollar revenue grew 2.7 percent to USD 924 million in the quarter gone by. Analysts had expected dollar revenue at USD 921.5 million. Earnings before interest and tax (EBIT) of the software services exporter rose 6.4 percent to Rs 1,016 crore and margin expanded 26 basis points to 17.66 percent during the quarter on sequential basis. Meanwhile, the board of directors of the company today approved for issue of one bonus equity share for every one equity share and also approved the stock split of equity shares from the existing face value of Rs 10 per share to Rs 5 per share. “The board approved the issuance of bonus shares and stock split in order to increase the liquidity of its shares,” said the company in its filing.

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Source:moneycontrol

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