Tech Mahindra rises 3% as company expects to outgrow Nasscom#39;s industry growth projection
Tech Mahindra share price rallied 3.32 percent to close at Rs 493.90 on Tuesday after strong management outlook.
The IT major on Monday said it expects to outgrow Nasscom’s industry growth projection and may touch USD 5 billion mark in revenues during the current fiscal.
Noting that there is a skill gap among employees, CP Gurnani, Managing Director and CEO of Tech Mahindra, also said the company is geared up to reskill about 50,000 employees for the present and future requirements.
“We will beat the Nasscom projections. Whatever Nasscom has projected 6-8 percent, we should be higher than that.”
“We are already at run rate of USD 4.5 billion and we are growing more than 6 to 8 per cent….You do the maths. For 2018, I think we should be (at USD 5 billion),” Gurnani told PTI.
The company’s revenues during the last fiscal were USD 4,351.1 million, up 7.8 percent year-on year. In rupee terms they were Rs 29,141 crore; up 10 percent YoY. The revenue from operations was up 6.1 percent at Rs 7,606.38 crore during the second quarter of the current year while the growth was 6 percent at Rs 7,336.1 crore in the first quarter.