Tech Mahindra CEO Mohit Joshi said the company hopes to come back to growth in H2 FY25. The company plans to onboard around 6,000 freshers this year.
Shares of Tech Mahindra on Friday surged over 13 per cent after the company’s CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins. The stock jumped 13 per cent to Rs 1,344.95 on the BSE. At the NSE, it climbed 13.16 per cent to Rs 1,347. The company’s market capitalisation moved up by Rs 10,754.85 crore to Rs 1,26,705.84 crore. It emerged as the biggest gainer on both the BSE Sensex and NSE Nifty.
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Tech Mahindra Share Price Target:
CLSA and Nomura maintained a ‘buy’ call on the Tech Mahindra stock. CLSA raised the share price target from Rs 1,508 to Rs 1,589, Nomura has kept a share price target at Rs 1,460.
Citi has maintained a ‘sell’ call on the stock with a reduced target of Rs 1,095 from Rs 1,125.
Morgan Stanley and JPMorgan gave an ‘underweight’ rating on Tech Mahindra shares. While Morgan Stanley set the target price at Rs 1,190 and JPMorgan hiked the share price target Rs 1,050 to Rs 1,100 from.
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Jefferies and Macquarie maintained an ‘underperform’ rating with a share price target of Rs 1,065 (reduced from Rs 1,080 earlier) and Rs 930, respectively.
HSBC has maintained a ‘hold’ call Tech Mahindra with a target price of Rs 1,300.
Tech Mahindra Q4 results
IT services company Tech Mahindra on 25th April reported a 41 per cent fall in its consolidated net profit for the March quarter to Rs 661 crore amid weakness in the communications vertical, even as its CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins.
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Tech Mahindra CEO Mohit Joshi said the company hopes to come back to growth in H2 FY25. The company plans to onboard around 6,000 freshers this year.
The tech giant – which competes with the likes of TCS, Infosys, Wipro and HCL Technologies – also spelt out a three-year plan to shore up the company’s revenue and margins.
Tech Mahindra’s consolidated net profit plunged almost 41 per cent to Rs 661 crore for the quarter ended March 2024. For Q4 FY24, the revenue dropped by 6.2 per cent year-on-year to Rs 12,871 crore.
(With Inputs From PTI)
