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TechM profit down 61% as BFSI, telecom verticals drag
Business Standard
|January 25, 2024
Tech Mahindra, the IT services business of the Mahindra & Mahindra group, on Wednesday reported a 60.6 per cent decline in net profit to ₹510.4 crore for the third quarter of FY24.
The revenues for Q3FY24 stood at ₹13,101 crore, down 4.6 per cent yearon-year (Y-o-Y). Sequentially, the revenues were up 1.8 per cent and profit was up 3.2 per cent.
The company's performance was impacted due the macro uncertainty and weakness in top verticals like telecommunications, BFSI and retail.
The company's third quarter revenue numbers beat Bloomberg estimates, but missed profit expectations.
Bloomberg had estimated revenue to be at ₹12,801 crore and net profit at ₹663 crore.
यह कहानी Business Standard के January 25, 2024 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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