Tech Mahindra Q1 meets estimates, net up 12% to Rs 338 cr

Consolidated revenues increased 8.7% QoQ and 19% YoY to Rs 1,543 crore, which was in-line with analysts' expectations of Rs 1,539 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 38.66% QoQ to Rs 330 crore as against forecast of Rs 295 crore.

Tech Mahindra has added six new logos in the quarter and the total headcount stood at 40,630.

Cash and cash equivalent stood at Rs 280 crore in the first quarter of financial year 2012-13 while its debt went down by Rs 240 crore to Rs 886 crore as of June 30.

Vice Chairman, MD & CEO, Vineet Nayyar says the deal traction continues to be robust. He sees significant traction in non-BT business. However, global economic issues continue to remain a concern, he adds.

Operating profit margin expanded by 440 basis points due to currency depreciation.

Non-BT business grew by 2% while BT business declined sequentially.