Tech Mahindra shares hit 52-week high; zoom over 7 pc after Q1 earnings

Shares of Tech Mahindra on Friday zoomed over 7 percent after the company reported 42.91 percent growth in the June quarter consolidated net profit.

The stock zoomed 9.68 percent to hit a 52-week high of Rs 1,237 on the BSE during the day. It closed at Rs 1,209.45, a jump of 7.24 percent.

On the NSE, it gained 7.08 percent to close at Rs 1,207.70.

The company added Rs 7,932.99 crore to take its market valuation to Rs 1,17,209.99 crore on the BSE.

In traded volume terms, 9.38 lakh shares were traded at the BSE and over 2.04 crore units at the NSE during the day.

Tech Mahindra on Thursday reported 42.91 percent growth in the June quarter consolidated net profit at Rs 1,365.7 crore on higher revenue and an expansion in profit margins.

Profit in the year-ago period stood at Rs 955.6 crore.

The company, whose total income in the quarter improved 7 percent month-on-month to Rs 10,485 crore, is confident of either maintaining or exceeding the growth during the remaining fiscal, Managing Director and CEO C P Gurnani told reporters.

The total income grew 10 percent when compared to the year-ago period.

Profit attributable to the owners of the company was higher 39.2 percent at Rs 1,353.2 crore from Rs 972.3 crore in the year-ago period. ''We do believe that we should be able to maintain or do better than the trajectory of this quarter for the rest of the year'', Gurnani said, adding that large client wins is one of the biggest factors, which is making the company confident about the future.