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UPDATE 1-India's Tech Mahindra Sept-qtr profit beats estimates
November 1, 2017 / 10:57 AM / 18 days ago

UPDATE 1-India's Tech Mahindra Sept-qtr profit beats estimates

* Q2 profit 8.36 bln rupees vs est 7.18 bln rupees

* Rev from operations up 6 pct (Adds details, background)

Nov 1 (Reuters) - Software services exporter Tech Mahindra Ltd posted a better-than-expected rise in second-quarter net profit, aided by key client wins.

Active client count grew seven percent to 885 in the quarter, the company said on Wednesday. bit.ly/2gTxUW7

Tech Mahindra posted a 30 percent jump in profit attributable to owners at 8.36 billion rupees ($129.42 million) for the September-quarter, handily beating analysts’ average estimate of 7.18 billion rupees, according to Thomson Reuters data.

The IT company also earned 3.22 billion rupees under “other income” including a foreign exchange gain of 2.27 billion rupees.

Bigger rivals Wipro and Infosys Ltd also posted a rise in second-quarter profit.

Tech Mahindra’s revenue from operations rose 6 percent to 76.06 billion rupees.

Shares closed down 1.3 percent in trading, while the NSE index ended 1 percent higher.

$1 = 64.5950 Indian rupees Reporting by Tanvi Mehta in Bengaluru; additional reporting by Jessica Kuruthukulangara; Editing by Gopakumar Warrier and Amrutha Gayathri

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