Tech Mahindra shares jump nearly 5% after Q1 earnings
Tech Mahindra shares, after making a positive opening, closed higher by 4.56% to Rs402.80 on BSE
New Delhi: Shares of IT firm Tech Mahindra on Tuesday surged 4.56% after the company reported a 6.5% rise in net profit for the quarter ended June.
The scrip after making a positive opening further gained 7.43% to Rs 413.90 on the BSE.
On the NSE, Tech Mahindra shares surged 4.09% to close at Rs401.65. Tech Mahindra on Monday reported a 6.5% growth in net profit at Rs 798.6 crore for April-June.
This is against a net profit of Rs749.3 crore in the year-ago period, Tech Mahindra said in a statement.
Revenues of the fifth-largest software exporter grew 6% to Rs7,336.1 crore in the reported quarter as against Rs 6,920.9 crore in the same period last year.
In dollar terms, the company’s net profit was up 11.2% at $123.8 million while revenues grew 10.3% to $1.13 billion in April-June 2017, from the year-ago period.