Tech Mahindra shares zoom over 14% on robust earnings

The software exporter had posted a net profit of Rs 472 crore in the corresponding quarter in the previous financial year

Shares of software exporter Tech Mahindra on Wednesday soared over 14 per cent after the company reported a 90 per cent jump in profit for the March quarter.

The stock jumped 14.34 per cent to Rs 548 on BSE.

On NSE, shares of the country's fifth largest software exporter zoomed 10.77 per cent to Rs 532.

Tech Mahindra on Tuesday reported a 90 per cent jump in post-tax profit for the three months to March at Rs 897 crore on wider margins from an expanded revenue base, forex gains and lower tax payout.

The company had posted a net profit of Rs 472 crore in the corresponding quarter in the previous financial year.

While its total revenues grew to Rs 6,883 crore from Rs 6,116 crore a year ago, its pre-tax profit margin expanded to 17 per cent from 15.4 per cent, lifting the bottom-line for the reporting period.

For the full year ending March, the company's net income rose 18.7 per cent to Rs 3,118 crore, while revenue was up 17.1 per cent to Rs 26,494 crore.