Share Market: Sensex and Nifty jumped at market opening today. The Sensex index rose by 100 points in the morning session. But even then there is a slight decline in the index. However, this morning Tech Mahindra shares (Tech Mahindra Share Price) has gained a lot of momentum. On Friday morning, the price of this share increased by a jump of 12 percent. However, when the results of the fourth quarter of the financial year 2023-24 were published, it was seen that the profit of Tech Mahindra decreased by 41 percent in the quarter. But why did the share price increase?
Compared to the same quarter of the previous financial year, the net profit of Tech Mahindra (Tech Mahindra Share Price) has decreased by 41 percent year-on-year to Tk 661 crore. Even revenue from operations fell by 6.2 percent. Tech Mahindra’s revenue from operations for the quarter was Tk 12,871.30 crore. That’s because Tech Mahindra CEO and MD Mohit Joshi has recently given a three-year turnaround plan that will ace the slow business recovery. Through this, care will be taken to bring in more revenue and increase margins by 2027.
It has been seen that since the beginning of this year, Tech Mahindra (Tech Mahindra Share Price) has seen a slight decline, but the share price has increased by only 3 percent in these three months. According to sources, the company has signed a business deal worth $500 million in the fourth quarter of the financial year 2023-24. The deal was worth $381 million in the third quarter. In the financial year 2022-23, where Tech Mahindra’s annual profit before tax was Tk 4857 crore, in the financial year 2023-24 this figure has come to Tk 2396.80 crore. The company’s EBITDA also declined by 30 percent in the fourth quarter of FY2023-24.
But even after that Tech Mahindra has good news for its shareholders of the company. This company has declared a dividend of 28 rupees per share. This final dividend will be paid to shareholders before August 9, 2024. As a result, investment in Tech Mahindra’s stock has increased due to this and hopes for the CEO’s new plans. And so this share has jumped 12 percent.
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Tags: Tech Mahindra Share Price Surges Percent Results Net Profit Declines Tech Mahindra Share Price Profits fall price rises percent
