Shares of Tech Mahindra fell on Thursday after it reported a sharp fall in its net profit in the Sept quarter (Q2FY24). It also failed to meet street expectations on both profit and revenue. Further cuts in target prices and earnings estimates by various brokerages also kept the sentiment negative.
In the intraday session, Tech Mahindra fell 4.6 per cent to Rs 1,089 on BSE. At the time of writing, Tech Mahindra shares were trading around 3 per cent lower at Rs 1,108.80.
Tech Mahindra Q2 Results LIVE Updates: In line with overall sentiments around the IT space, Tech Mahindra is likely to post subdued numbers in the second quarter due to the weak demand environment.
IT firm Tech Mahindra Ltd reported a 61.6% year-on-year (YoY) fall in net profit at Rs 494 crore for the September quarter compared with Rs 1,285.4 crore in the corresponding quarter last year. The board approved an interim dividend of Rs 12/- per equity share of Rs. 5/- each i.e. 240% of the face value. The board fixed Thursday November 2, 2023 as the record date for determining the members entitled to receive the interim dividend.