Tech Mahindra shares hit 52-week high as Q2 profit jumps 153%
Profit of Tech Mahindra zoomed to ₹1,250 crore for the quarter ended September compared with ₹493 crore in the corresponding quarter last year.
Profit of Tech Mahindra zoomed to ₹1,250 crore for the quarter ended September compared with ₹493 crore in the corresponding quarter last year.
The company’s consolidated net profit stood at ₹851 crore growing by 28.8% from ₹661 crore in the previous quarter and by 23% on a year-over-year basis.
Tech Mahindra launches Project Fortius as it aims to cut employee costs and hire freshers.
"Q4 marks the low point in our year-on-year growth trajectory," says Tech Mahindra CEO Mohit Joshi.
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The BSE IT index declined nearly 2% today, led by index heavyweights HCL Technologies, Wipro, Infosys, TCS, and Tech Mahindra.
Mahindra & Mahindra's revenue rises 16% to ₹25,642 crore.
The IT major’s net profit fell 60.6% YoY to ₹510 crore, while revenue from operations slipped 5% to ₹13,101 crore in Q3 FY24.
Revenue from operations declined 5% year-on-year to ₹13,101 crore.
In the first two weeks of December, the BSE benchmark Sensex has rallied 4,617 points, with FIIs injecting over ₹3,900 crore daily on an average this month.