Tech Mahindra falls 5% on profit booking post Q4 results

In past one year, Tech Mahindra had outperformed the market by surging 65% as compared to 13.6% rise in the S&P BSE Sensex till Friday.

Shares of Tech Mahindra have dipped 5% to Rs 668 per share on the BSE in early morning trade on profit booking after the company reported a better than expected 29.6% quarter-on-quarter growth in its consolidated net profit at Rs 12.22 billion in March 2018 quarter (Q4FY18). The S&P BSE Sensex was trading 0.61% or 214 points higher at 35,139 points at 10:42 am.

Operational revenue grew 3.6% at Rs 80.54 billion on sequential basis. In dollar terms, Tech Mahindra reported 2.9% sequential growth in revenue at $ 1,244 million during the quarter.

Analysts on an average had