Tech Mahindra Ltd Quarterly net profit at Rs.1719 Million

Tech Mahindra Ltd has announced the unaudited financial results for the quarter ended June 30, 2007.

The Company has posted a net profit of Rs.1719 million for the quarter ended June 30, 2007.Total Income for the quarter ended June 30, 2007 was at Rs.8526 million.

Effective April 01,2007, the Company has designated the outstanding forward exchange contracts as cash flow hedges. Changes in fair value of such forward exchange contracts are recognized directly in Reserves and ineffective portion is recognized immediately in Profit and Loss Account.

Consequent to this change in accounting for such contracts, the profit for the quarter ended June 30, 2007 is lower by Rs 439.12 million and Reserve and surplus are higher by Rs 439.12 million.

The company has reported an Earnings Per Share (EPS) of Rs.14.18 for the Quarter ending June 30, 2007.

The stock closed the day at Rs.1479.45, down by Rs.16.05 or 1.07%. The stock hit an intraday high of Rs.1515.55 and low of Rs.1465.20. The total traded quantity was 183005 compared to 2 week average of 203497.

Source : Equity Bulls

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