New Delhi: Tech Mahindra's stock surged by over 4 pc on Monday following the company's announcement of a more than doubled increase in consolidated net profit for the September quarter. The BSE saw the stock rise by 4.34 percent to reach Rs 1,761.30, which is its highest in the past 52 weeks. The stock on the NSE surged by 4.38 percent, reaching a 52-week high of Rs 1,761.85 per share.
Company Reports Over 100 pc Surge in Q2 Net Profit Driven by Asset Sales
Tech Mahindra announced on Saturday that their consolidated net profit for the July-September quarter had more than doubled to Rs 1,250 crore, thanks to special income generated from asset sales. PTI reports highlight that according to a filing with the exchange, the Mahindra Group company reported a net profit of Rs 493.9 crore in the previous year. Revenue increased by 3.49 percent to Rs 13,313.2 crore in the second quarter of 2024-25, up from Rs 12,863.9 crore in the same period of 2023-24.
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In order, the profit increased by 46.81 percent and the revenue by 2.36 percent. The company filing stated that other income of Rs 4,502 million was generated from the sale of property, including freehold land, buildings, furniture, and fixtures, for Rs 5,350 million. This amount is to be received over four years with an annual interest rate of 8.2 percent.
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