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For TechM, no turnaround in sight
October 27, 2023
|Mint Mumbai
Tech Mahindra Ltd’s investors have to sit tight; maybe tighter than those betting on other top large-cap technology stocks.
External demand headwinds continued to mar its earnings performance with revenue falling for the second quarter in a row.
In the September quarter (Q2FY24), sequential constant currency revenues declined 2.4%, witnessing a sharper-than-anticipated fall primarily due to the ongoing slowdown in its key communications, media and entertainment vertical. The pain in this segment could persist, especially with respect to 5G, as clients are pulling back investments, the management said.
The company also initiated a business rationalisation exercise in Q2 which led to project closures with some of its non-core clients. These one-offs accelerated the adverse impact on revenue and earnings before interest and tax (Ebit) margin. The management commentary for H2FY24 is bleak.
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