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Tech Mahindra stock up by 10% after Q4 results

Tech Mahindra’s stock price soared around 10% on Friday, reaching Rs. 1309 after the tech giant announced its quarterly results.

10% rise in stock price

Its net profit for Q4 FY2024 declined by 41% reaching Rs. 661 cr along with a 6.2% decrease in its YOY revenue reaching Rs. 12871 cr.

Q4 FY2024 results

While the financial outcomes were on a low, it was the company’s ambitious plans for the coming three years that resulted in investor confidence. This includes scaling up and expanding the business. 

Ambitious plans

Tech Mahindra is also aiming to be in the top 3 IT companies in India after FY2027 in terms of margins.

Achieve a ranking

Its board has also announced the plan to achieve the target of 15% EBIT and ROCE of 30%+ BY FY2027 to move ahead of its peers. 

Future targets

The company’s shares were trading in a range of Rs.1241 to Rs. 1347 on Friday from its previous closing of Rs. 1190.30

Share price up

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