Tech Mahindra has reported a decline in its net profit for the March quarter of the fiscal year 2023-24, marking a 41 per cent year-on-year drop to Rs 661 crore., Markets News - Times Now
Tata Motors, IRFC, Dabur Q2 results in Top News on November 2: Tech Mahindra, Coforge ex-dividend stocks, share markets, Nifty outlook, Mercedes-Benz GLE facelift, AMG C43 India launch also in focus.
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.
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.
The board of directors of Tech Mahindra has approved the merger by Absorption of 3 subsidiaries of the firm and their respective shareholders. This announcement came alongside the company s September quarter results.