Wipro, Tech Mahindra revenues contract in Q3

Both the cos reported client slippages, with the number of active clients declining on a yearly and sequential basis

- Jas Bardia

BENGALURU: Wipro Ltd and Tech Mahindra Ltd ended 2024 on a weak note with sequential revenues declining in the third fiscal quarter, implying that the worst is not yet behind for the two software services providers that saw revenues contract in the previous financial year.

On Friday, Bengaluru-based Wipro reported a sharper dip in business compared to smaller peer Tech Mahindra—both disclosed third-quarter results after market hours. Wipro's revenue totalled $2.61 billion, down 2% sequentially. Much of this decline was on account of weak business in Europe, which makes up 27% of the company's revenue.

Still, the company did not perform as badly as expected. A Bloomberg survey of 27 analysts had estimated Wipro to report a revenue of $2.59 billion.