Tech Mahindra's Profit Surges 25.75% In Q2, Shares Hit 52-Week High
On quarterly basis, TechM's profit fell 1.07% in Q2 compared to Rs 1,353.2 crore posted in Q1.
New Delhi: IT company Tech Mahindra on Tuesday reported a 25.75 per cent year-on-year jump in its consolidated net profit -- at Rs 1,338.7 crore -- for the July-September period of financial year 2021-22 (Q2 FY22) as against Rs 1,064.6 crore posted in the corresponding quarter last year.
However, on quarterly basis, the profit fell 1.07 per cent in Q2 compared to Rs 1,353.2 crore posted in the June quarter.
The IT firm's revenue from operations surged 14.32 per cent to Rs 8,464.9 crore from Rs 7,404.4 crore posted in the same period last year.
In a notification to the exchanges, TechM said it has declared a special dividend of Rs 15 per equity share of Rs 5 each, around 300 per cent of the face value.
It added that November 5 has been fixed as the record date and the special dividend will be paid November 22.
TechM also said that it currently has a total headcount of 1,41,193, up 14,930 on a quarter-on-quarter basis.
CP Gurnani, Managing Director and Chief Executive Officer, TechM, said, "As we record our highest sequential growth in a decade, we remain committed to deliver long-term sustainable and profitable growth for the company. We have witnessed strong traction across all key markets as we invest in our digital capabilities through strategic partnerships."
As of 10:20 am, shares of TechM were trading 5.76 per cent higher at Rs 1,612.20 on the BSE index. In intraday trade, the stock hit a 52-week high of Rs 1,629.40.