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Shares of Tech Mahindra today surged nearly 8 per cent after the software exporter reported a 24.7 per cent jump in net profit for the fourth quarter ended March 31, 2013.
After making a positive opening, the scrip further jumped 7.70 per cent to Rs 979.85 on the BSE. On the NSE, the stock zoomed up 7.64 per cent to Rs 979.45.
At 12.37 p.m. local time, the scrip was trading up by 6.00 per cent at Rs 964.30 on the BSE and up by 6.03 per cent at Rs 964.75 on the NSE.
India’s sixth largest software exporter Tech Mahindra had yesterday reported a 24.7 per cent jump in net profit at Rs 377.2 crore for the fourth quarter ended March 31, 2013 helped by favourable currency movement and focus on operating matrix.
Net profit stood at Rs 302.5 crore during the January-March quarter of 2011-12 fiscal.
“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.
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