Tech Mahindra delivered exceptional Q2 results with profit zooming 32.7% to ₹1,585.6 crore compared to ₹1,194.5 crore in the previous year. The company's revenue grew 15.6% to ₹16,180.2 crore versus ₹13,994.9 crore, while dollar revenue increased 6.7% to $1,693 million. The board declared an interim dividend of ₹15 per share and approved bonus equity shares in the ratio of 1:1. IIFL Finance showed remarkable growth with profit surging 103.7% to ₹766.4 crore compared to ₹376.3 crore in the previous year, while net interest income grew 50.2% to ₹2,160.7 crore.
Wipro reported mixed Q2 results with consolidated profit falling 1.4% to ₹3,200.6 crore from ₹3,246.2 crore, while revenue grew 9.06% to ₹24,752.7 crore. The company's IT Services revenue jumped 8.95% to ₹24,667 crore and IT Services dollar revenue rose 0.3% to $2,611.5 million. However, IT Services EBIT margin dropped 20 basis points to 16.5% from 16.7%. For Q3 guidance, IT Services revenue is expected in the range of $2,571 million to $2,625 million with growth projected between -1.5% to 0.5% quarter-on-quarter. The company expects total bookings at $2.6 billion with large deal TCV at $0.7 billion.
Jio Financial Services reported strong Q2 performance with profit standing at ₹340.44 crore and total income (ex-dividend) zooming 132% to ₹1,699 crore. The NBFC's AUM grew 154% to ₹37,320 crore and pre-provisioning operating profit increased 85% to ₹574 crore. Angel One showed robust growth with profit spiking 58.2% to ₹335 crore and revenue growing 18.7% to ₹1,427 crore. Sri Lotus Developers and Realty delivered impressive results with profit jumping 77.9% to ₹82.1 crore and revenue rising 52.5% to ₹268.6 crore.
Tech Mahindra received mixed brokerage recommendations with Nuvama maintaining a BUY rating and raising the target price to ₹1,950 from ₹1,900, while HDFC Securities maintained an ADD rating with a target of ₹1,800. Morgan Stanley upgraded the stock to EQUAL-WEIGHT from UNDERWEIGHT and set a target of ₹1,780 from ₹1,480. Wipro saw varied recommendations with PL Capital maintaining a HOLD rating at ₹166, HDFC Securities maintaining an ADD rating at ₹190, and Morgan Stanley retaining an UNDERWEIGHT rating at ₹147. IIFL Finance received positive coverage with Nuvama maintaining a BUY rating at ₹766.4 crore.
Solar Industries India's subsidiary, Solar Explochem, has entered into a share purchase agreement with Sivasakthi Industrial Explosives for the proposed acquisition of a 100% stake for ₹115.02 crore. Maruti Suzuki India received a significant tax order from ITAT covering eight financial years, resulting in a positive tax impact of ₹13,000 crore, primarily reducing interest component by ₹6,300 crore. Prestige Estates Projects completed investment by CPPIB in its subsidiary Prestige Hospitality Ventures for ₹950 crore, acquiring a 10% stake. Multiple bulk deals were executed, including BofA Securities acquiring 53.37 lakh shares of Eternal for ₹168.67 crore.
