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Tech Mahindra, country’s fifth largest IT services firm, reported a decline in net profit of 40.9% year-on-year (YoY)
to `661 crore primarily driven by slowdown in its telecom, communications, media and entertainment business, which is its largest vertical with 36.5% market share.
The profit stood at Rs 1,118 crore in last year’s March quarter. Sequentially, profit grew 29.6% from Rs 510 crore in the December quarter because of a one-off gain. The Pune-headquartered firm’s consolidated revenue from operations fell 6.2% YoY to Rs 12,871.30 crore from Rs 13,718 crore in March quarter of FY23. Sequentially, it dipped by 1.7% from Rs 13,101 crore in the preceding quarter.
to `661 crore primarily driven by slowdown in its telecom, communications, media and entertainment business, which is its largest vertical with 36.5% market share.
The profit stood at Rs 1,118 crore in last year’s March quarter. Sequentially, profit grew 29.6% from Rs 510 crore in the December quarter because of a one-off gain. The Pune-headquartered firm’s consolidated revenue from operations fell 6.2% YoY to Rs 12,871.30 crore from Rs 13,718 crore in March quarter of FY23. Sequentially, it dipped by 1.7% from Rs 13,101 crore in the preceding quarter.
“Q4 (FY24) marks the low point in our year-on-year growth trajectory. We are confident from Q1 (FY25) will see an
improvement. There, however, will be volatility between quarters,” said CEO Mohit Joshi.
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