Tech Mahindra Limited shares surge nearly 8% post Q4 results

Tech Mahindra Limited March-quarter consolidated net profit rose 24.4% to 3.77 billion rupees.

Shares of Tech Mahindra today surged nearly 8 per cent after the software exporter reported 24.7 per cent jump in net profit for the fourth quarter ended March,2013.

After making a positive opening,shares of the company further jumped 7.70 per cent to Rs 979.85 on the BSE.

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At NSE,the stock zoomed up by 7.64 per cent to Rs 979.45.

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India’s sixth largest software exporter Tech Mahindra had yesterday reported 24.7 per cent jump in net profit at Rs 377.2 crore in the fourth quarter ended March 31,helped by favourable currency movement and focus on operating matrix.

Net profit stood at Rs 302.5 crore in the January- March 2012 quarter.

“Focus on operating matrix and some currency fluctuations have helped the company post good profit. We have seen 9.2 per cent growth in dollar terms. The growth is in line with our strategy of broad-based revenue,” Tech Mahindra Managing Director C P Gurnani said.

Meanwhile,in the stock market the BSE benchmark Sensex was trading at 20,155.25,up 43.64 points at 1148 hrs.

Tech Mahindra Limited shares jump after March quarter results

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(Reuters) Tech Mahindra Limited shares rose as much as 7.6 percent on Wednesday after its January-March quarter net profit rose 24 percent,beating estimates.

Tech Mahindra said its March-quarter consolidated net profit rose 24.4 percent to 3.77 billion rupees. The results came out after the close of markets on Tuesday.