Tech Mahindra surges over 8%, hits new high as Q1 profit beats estimates

Shares of Tech Mahindra surged 8.5 per cent to Rs 1,224, also its new high, on the BSE in the intra-day trade on Friday after the IT major reported a 39.17 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 1,353 crore for the April-June period of financial year 2021-22 (Q1FY22) as against Rs 972-crore profit posted in the corresponding quarter last year. On quarter-on-quarter (QoQ) basis, the profit rose by 25.13 per cent.

The consolidated revenue from operations in Q1FY22 grew 11.98 per cent YoY at Rs 10,198 crore. The company had posted revenue of Rs 9,106 crore in the same period a year ago. Sequentially, the figure rose by 4.8 per cent from Rs 9,730 crore posted in the preceding quarter, led mainly by 4.5 per cent QoQ growth in Enterprise revenues and 2.9 per cent QoQ growth in communications.