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Result Reviews
Tech Mahindra
Tech Mahindra reported a muted set of 2QFY2012 results, which were broadly
in-line with our expectations. USD revenue came in at US$296.2mn, up merely
2.2% due to a 5.5% qoq decline in revenue from BT. The only growth driver was
non-BT business revenue, which grew by 7.3% qoq. Volume growth was flat qoq.
In INR terms, revenue came in at `1,333cr, up 3.2% qoq. EBITDA margin declined
by 337bp qoq to 15.3% because of wage hikes given during the quarter and
volume decline from BT. PAT, excluding share from Satyam, came in at `139cr,
negatively impacted by 1) higher interest cost of `72.1cr (vs. `22.3cr in
1QFY2012) because it includes MTM loss of `52cr derived from foreign currency
loans and 2) higher depreciation of `50.7 vs. `33.4cr in 1QFY2012 as the
company discarded an overseas facility, which was no longer required. These
negative impacts on PAT were partially offset by higher other income of `92.7 in
2QFY2012 vs. 46.0cr in 1QFY2012. PAT, including share from Satyam, came in
at `240cr. Overall, results were a mixed bag. The only growth driver for the
company was the non-BT business. The stock is currently under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Reviews
Tech Mahindra
Tech Mahindra reported a muted set of 2QFY2012 results, which were broadly
in-line with our expectations. USD revenue came in at US$296.2mn, up merely
2.2% due to a 5.5% qoq decline in revenue from BT. The only growth driver was
non-BT business revenue, which grew by 7.3% qoq. Volume growth was flat qoq.
In INR terms, revenue came in at `1,333cr, up 3.2% qoq. EBITDA margin declined
by 337bp qoq to 15.3% because of wage hikes given during the quarter and
volume decline from BT. PAT, excluding share from Satyam, came in at `139cr,
negatively impacted by 1) higher interest cost of `72.1cr (vs. `22.3cr in
1QFY2012) because it includes MTM loss of `52cr derived from foreign currency
loans and 2) higher depreciation of `50.7 vs. `33.4cr in 1QFY2012 as the
company discarded an overseas facility, which was no longer required. These
negative impacts on PAT were partially offset by higher other income of `92.7 in
2QFY2012 vs. 46.0cr in 1QFY2012. PAT, including share from Satyam, came in
at `240cr. Overall, results were a mixed bag. The only growth driver for the
company was the non-BT business. The stock is currently under review.
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