NEW DELHI: Shares of Tech Mahindra rose over 7 per cent on Friday after the company outlined an ambitious three-year roadmap to accelerate revenue growth and boost margins.
The stock closed 7.34 per cent higher at Rs 1,277.45 on the BSE. During the day it jumped 13 percent to Rs 1,344.95.
On NSE, the stock rose 7.54 per cent to Rs 1,280.15. It rose 13.16 percent to Rs 1,347 during the session.
The market capitalization of the company increased by Rs 8,537.51 crore to Rs 1,24,781.54 crore.
It emerged as the biggest gainer on BSE Sensex and NSE Nifty.
In terms of traded volume, 8.53 lakh shares of the company were traded on BS and over 204.32 lakh shares were traded on NSE.
The IT services company on Thursday reported a 41 per cent decline in consolidated net profit to Rs 661 crore for the March quarter amid weakness in the communications sector, while its CEO laid out an ambitious plan to boost revenue growth and expand margins. Outlined a three-year roadmap.
Top executives acknowledged that Q4 results represent a "low point" in the company's growth trajectory, but expressed confidence that the first quarter will begin to show year-over-year improvement.
Tech Mahindra CEO Mohit Joshi said the company expects to return to growth path in the second half of fiscal 2025.
The company's revenue fell 6.2 per cent year-on-year to ₹ 12,871 crore in Q4FY24.
Joshi said during this time, "We believe that this year will be better than last year. With the increasing geopolitical turmoil in the world, organizations with rapidly developing AI capabilities will either have to address their businesses. And they have to be adapted or defended and secured." Q4 earnings conference.
The stock closed 7.34 per cent higher at Rs 1,277.45 on the BSE. During the day it jumped 13 percent to Rs 1,344.95.
On NSE, the stock rose 7.54 per cent to Rs 1,280.15. It rose 13.16 percent to Rs 1,347 during the session.
The market capitalization of the company increased by Rs 8,537.51 crore to Rs 1,24,781.54 crore.
It emerged as the biggest gainer on BSE Sensex and NSE Nifty.
In terms of traded volume, 8.53 lakh shares of the company were traded on BS and over 204.32 lakh shares were traded on NSE.
The IT services company on Thursday reported a 41 per cent decline in consolidated net profit to Rs 661 crore for the March quarter amid weakness in the communications sector, while its CEO laid out an ambitious plan to boost revenue growth and expand margins. Outlined a three-year roadmap.
Top executives acknowledged that Q4 results represent a "low point" in the company's growth trajectory, but expressed confidence that the first quarter will begin to show year-over-year improvement.
Tech Mahindra CEO Mohit Joshi said the company expects to return to growth path in the second half of fiscal 2025.
The company's revenue fell 6.2 per cent year-on-year to ₹ 12,871 crore in Q4FY24.
Joshi said during this time, "We believe that this year will be better than last year. With the increasing geopolitical turmoil in the world, organizations with rapidly developing AI capabilities will either have to address their businesses. And they have to be adapted or defended and secured." Q4 earnings conference.
