Tech Mahindra, a leading IT services company, announced strong quarterly results for the September quarter. The company reported a significant increase in its net profit, which jumped by 153% compared to last year.
The net profit for the July to September period rose by 1250%, marking a major improvement. In the same quarter of the last financial year, the company’s net profit was Rs 493.90 crore.
Additionally, Tech Mahindra declared a dividend for its shareholders.
Revenue Growth and Profit Increase
For the second quarter of this financial year, Tech Mahindra’s revenue stood at Rs 13,313 crore, reflecting a 3.5% growth from Rs 12,863.90 crore in the same period last year.
On a quarter-on-quarter basis, the company’s net profit rose by 46.81%, and its revenue saw a growth of 2.36%.
Dividend Announcement and Share Performance
Tech Mahindra has announced a dividend of Rs 15 per share, with November 1 set as the record date. The company also added 6,653 employees during the September quarter, bringing its total workforce to 1,54,273.
On Friday, Tech Mahindra’s share price fell by 0.68% to Rs 1,688. However, the company’s stock has risen by 43% over the past year and by more than 5% in the last month.
The company’s 52-week high is Rs 1,709, and its 52-week low is Rs 1,089.