The results on Thursday were expected to be weak but the stock dropped slightly. However, on Friday, investors reviewed the three-year turnaround plan and decided the stock had been oversold and the price recovered 7.5 per cent. Net-net, the stock is up 7.7 per cent in the last two sessions.
Tech Mahindra reported Q4FY24 revenue of $1.48 billion, down 0.8 per cent (at constant currency). The Communications Media & Entertainment vertical was weak and declined 2.8 per cent quarter-on-quarter (Q-o-Q).
Enterprise growth was mixed, with retail declining 9.6 per cent Q-0-Q and Banking, Financial Services and Insurance (BFSI) growing well at 3.5 per cent Q-oQ. The adjusted operating profit margin was at 7.4 per cent.
Net headcount declined by 795 Q-0-Q to 145,450. The reported net profit was down 50 per cent Y-o-Y. Total contract value stood at $500 million which is down 15 per cent year-on-year (Y-o-Y) but up 30 per cent Q-o-Q.
This story is from the April 27, 2024 edition of Business Standard.
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This story is from the April 27, 2024 edition of Business Standard.
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