26-Apr-2024
2 mins read
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Tech Mahindra's share price rose sharply by 10% on Friday morning. The company released its fourth-quarter earnings on April 26, 2024. It reported a net profit of Rs 661 crore, a 40.9% fall from the previous year's same-period net profit of Rs 1,125 crore.
In Tech Mahindra Q4, revenue from operations stood at Rs 12,871.3 crore, a fall of Rs 6% compared to the same period last year, when it stood at Rs 13,718.2 crore.
The company’s operating profit for the reporting quarter is at Rs 1,408 crore, down by 30% on a year-on-year basis.
However, for the full financial year 2024, Tech Mahindra’s revenue was Rs 51,996 crore, decreasing by 2.4% year over year. The net profit stood at Rs 2,358 crore, down by 51.2% year over year.
The company’s board declares a final dividend of Rs 28 per share at face value of 5 each for the financial year ending on 31 March 2023.
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Tech Mahindra: Growth Plan For Next 3 Year
Tech Mahindra unveiled the growth plan for the next three years. The company is calling FY25 the turnaround phase. There will be front-end integration and Investments in accounts, key markets, and service lines.
FY26 will be the stabilisation phase, where the company aims to continue the above-normal investment and bring about full integration of portfolio companies. They will focus on further progress on cost savings.
In FY27, the company plans to reap returns to improve long-term structural mix and continue improving the pyramid.
Tech Mahindra Share Price Update
Tech Mahindra's share price is currently at Rs 1290.45, with an intraday rise of 8.29%. In the morning, the company's share price hit an intraday high of 8.12%. It bounced back above the 200-day EMA and sustained the above levels.
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