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On Tuesday, Tech Mahindra shares moved upward, with the stock of the information technology (IT) consulting & software company hitting a new high of Rs 1,322.40, up 2.7 per cent on the Bombay Stock Exchange. The stock was quoting higher for the fourth straight trading day.
Tech Mahindra has outperformed the market by surging 25 per cent compared to a 4.4 per cent rise in the S&P BSE Sensex. In comparison, its peers, Tata Consultancy Services (up 3.5 per cent), Infosys (7 per cent), Wipro (15 per cent) and HCL Technologies (8 per cent), were up between 3 per cent and 15 per cent.
The outperformance for Tech Mahindra was also on account of better-than-expected June quarter (Q1FY22) performance with growth across key markets and verticals, robust deal wins and guidance of double-digit growth rates for FY22.
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The company reported a 39.17 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 1,353 crore for Q1FY22 as against Rs 972-crore profit posted in the corresponding quarter last year. On a quarter-on-quarter (QoQ) basis, the profit rose by 25.13 per cent.
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