Tech Mahindra at new high

Tech Mahindra posted a good set of numbers for Q2FY22 with revenue rising 7% (QoQ) at Rs.10,881 crore though net profit came down 1% at Rs.1339 crore.

Its dollar revenue rose 6% at $1473 crore.

EBIT was up 7% at Rs.1652 crore while margins showed a small rise from 15.16% to 15.18%.

The company declared a special dividend of Rs.15/share.

The company added 14,930 employees for the quarter ending September 2021 and with this, the total employee strength stands at 1.41 lakh people.

Tech Mahindra announced the acquisition of Lodestone, a digital engineering quality assurance provider for new age digital companies, for up to $105 million (about Rs.789 crore). The company also said it had acquired WMW by Born London Limited, U.K. for £9.4 million pounds (about Rs.97 crore).

The market is happy with this in-line performance of Tech Mahindra. The stock, which had closed yesterday at Rs.1524.40, went on to hit a new high today at Rs.1629.40 on the back of robust volumes.