Tech Mahindra shares surge nearly 5% on robust earnings
Mumbai: Shares of IT firm Tech Mahindra on Wednesday rose by nearly 5 percent after the company posted an over three-fold jump in consolidated net profit in the quarter ended December.
Cheering the smart set of earnings that were declared post market hours yesterday, shares of Tech Mahindra opened the day on a firm note and further gained 4.49 percent to Rs 1,849 on the BSE.
At the NSE, the stock jumped 4.46 percent to Rs 1,849.95.
"Tech Mahindra reported its Q3 FY'14 results which surprised positively on the revenue front while it came in-line with the expectations on the operating margin," said Ankita Somani, Research Analyst - IT, Angel Broking.
Tech Mahindra yesterday posted an over three-fold jump in consolidated net profit to Rs 1,009.8 crore in the quarter ended December, on growth in telecom, financial and manufacturing sectors.
The company had posted a profit of Rs 321.5 crore in the same period last year.
Consolidated revenue grew 33.5 percent to Rs 4,898.5 crore for the reported quarter from Rs 3,668.3 crore in the year-ago period.
In dollars terms, revenue grew 17.2 percent year-on-year to USD 791 million, while net profit was 175.7 percent higher at USD 163.1 million.