Tech Mahindra’s stock price soared around 10% on Friday, reaching Rs. 1309 after the tech giant announced its quarterly results.
10% rise in stock price
Its net profit for Q4 FY2024 declined by 41% reaching Rs. 661 cr along with a 6.2% decrease in its YOY revenue reaching Rs. 12871 cr.
Q4 FY2024 results
While the financial outcomes were on a low, it was the company’s ambitious plans for the coming three years that resulted in investor confidence. This includes scaling up and expanding the business.
Ambitious plans
Tech Mahindra is also aiming to be in the top 3 IT companies in India after FY2027 in terms of margins.
Achieve a ranking
Its board has also announced the plan to achieve the target of 15% EBIT and ROCE of 30%+ BY FY2027 to move ahead of its peers.
Future targets
The company’s shares were trading in a range of Rs.1241 to Rs. 1347 on Friday from its previous closing of Rs. 1190.30