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Shares of Tech Mahindra surged 4.79 per cent in the morning trade on the BSE today after the company reported an increase in revenue and net profit during the September quarter.
The company had yesterday reported a healthy rise in revenue and marginal growth in net profit of Rs 719.7 crore.
Reacting to the numbers, the shares of the company opened on a bullish note and then surged as much as 4.79 per cent to an early high of Rs 2,511.50 on the BSE.
Similar movement was seen on the National Stock Exchange where the stock opened at Rs 2,460 and then jumped 4.79 per cent to a high of Rs 2,512.
Revenues rose 15 per cent to Rs 5,488 crore over the same period last fiscal, while on a sequential basis the revenues rose 7.2 per cent. Net profit was up 14.1 per cent on a sequential basis.
The company’s pre-tax margins also improved to 19.9 per cent during the quarter against the preceding June quarter’s 18.1 per cent.
Executive Vice-Chairman Vineet Nayyar said the company is in the investment phase which impacts the margins. But once the work is on stream, the returns will be higher, he said.
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