Software services exporter Tech Mahindra's consolidated net profit fell nearly 7 percent quarter-on-quarter, beating analysts' expectations, to Rs 275.8 crore in the third quarter of financial year 2012-13.
Net profit was impacted by the fall in Mahindra Satyam's (wherein Tech Mahindra holds 42.7 percent stake) profits during the quarter. Mahindra Satyam's (erstwhile Satyam Computer Services) third quarter consolidated net profit dropped 74 percent year-on-year (71 percent quarter-on-quarter) to Rs 80 crore, due to a one-time claim settlement (costs Rs 294 crore exception loss) reached with Aberdeen UK.
Consolidated income from operations increased nearly 10 percent to Rs 1,791 crore from Rs 1,631 crore during the same period. Miscellaneous income rose by 3.24 times QoQ to Rs 18 crore.
Tech Mahindra reported a foreign exchange gain of Rs 12.10 crore in the December quarter as against loss of Rs 69.53 crore in September quarter.
Numbers were better-than-expectations on every parameter. Analysts on an average were expecting net profit at Rs 235 crore on revenues of Rs 1,750 crore for the quarter.
Consolidated earnings before interest, tax, depreciation and amortisation jumped 11.3 percent QoQ to Rs 376.3 crore and EBITDA margin improved by 25 basis points QoQ to 21 percent in the third quarter.
Dollar revenue increased 43.7 percent quarter-on-quarter to USD 329 million in the quarter, beating analysts' forecast of USD 323 million.
Debt of the company stood at Rs 1,318 crore as of December 31, 2012.
Shares rose 1.08 percent to close at Rs 979.10 on Bombay Stock Exchange (results came in after market hours).
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