Tech Mahindra's Profits Skyrocket in Q2: Stock Climbs Despite Profit-Taking

Tech Mahindra witnessed a significant rise in its consolidated net profit for the September quarter, thanks to earnings from asset sales. Despite initial profit-taking, shares closed higher. The company recorded a net profit of Rs 1,250 crore, a substantial increase from Rs 493.9 crore the previous year.

On Monday, shares of Tech Mahindra surged nearly 1% following the firm's impressive financial performance in the September quarter, more than doubling its consolidated net profit.

Even with some profit-taking early in the day, the stock concluded the BSE session at Rs 1,701.10, noting a 0.78% increase. Earlier, it had soared 4.34% to hit a 52-week high of Rs 1,761.30.

The company's market valuation grew by Rs 1,281.64 crore, reaching a substantial Rs 1,66,427.04 crore. This growth was bolstered by special income from asset sales, and the company's revenue also saw a 3.49% rise compared to the same period last year.

(With inputs from agencies.)