MUMBAI: Most brokerages have increased their price targets on Tech Mahindra after the company surprised the Street by reporting over three-fold jump in consolidated net profit to Rs 1,009.8 crore in the quarter ended December, largely on account of growth in telecom, financial and manufacturing sectors.
Revenues in dollar terms showed strong growth despite a sequentially weak quarter due to holiday season. It grew 4.4 per cent to $791 million. This was led by 11.5 per cent growth in the US while Europe declined 2 per cent QoQ.
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