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Tech Mahindra shares zoom as co unveils three-year roadmap to bounce back

The IT services company on Thursday reported a 41 per cent fall in consolidated net profit for the March quarter to Rs 661 crore amid weakness in the communications vertical

Screenshot 2024 04 27 090302Shares of Tech Mahindra on Friday surged over 13 per cent after the company’s CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins.

The stock jumped 13 per cent to Rs 1,344.95 on the BSE. At the NSE, it climbed 13.16 per cent to Rs 1,347. The company’s market capitalisation moved up by Rs 10,754.85 crore to Rs 1,26,705.84 crore. It emerged as the biggest gainer on both the BSE Sensex and NSE Nifty.

The IT services company on Thursday reported a 41 per cent fall in consolidated net profit for the March quarter to Rs 661 crore amid weakness in the communications vertical, even as its CEO outlined an ambitious three-year roadmap to boost revenue growth and lift margins.

The top brass acknowledged that the Q4 results marked a “low point” in the company’s growth trajectory but exuded confidence that year-on-year improvement will become visible starting the first quarter.

Tech Mahindra CEO Mohit Joshi said the company hopes to come back to growth in H2 FY25. In Q4 FY24, the company’s revenue dropped by 6.2 per cent year-on-year to Rs 12,871 crore.

“We believe this year will be better than the previous one. In a world of heightened geopolitical turmoil, coupled with fast-evolving AI capabilities, organisations will either have to address and adapt or defend and insulate their businesses like never before,” Joshi said during the Q4 earnings conference.

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