Tech Mahindra Q3 Results: Net profit falls 61% YoY to ₹510.4 crore, revenue at ₹13,101 crore
₹510.4 crore in the December 2023 quarter from ₹1,296.6 crore in the year ago period. The revenue from operations of the company came down 4% year-on-year from ₹13,734.6 crore in Q3FY23 to ₹13,101.3 crore during the period under review. The Q3 earnings for Tech Mahindra are in line with the expectations as the company's fiscal health remains impacted by the seasonal factors, ongoing challenges in the communications sector, and subdued discretionary expenditures in crucial markets.
Sequentially, Tech Mahindra reported During the quarter ending December 2023, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Tech Mahindra plunged 46.5% year-on-year to ₹1,146 crores. Sequentially, the EBITDA witnessed increase to 6.9%. "The quarter was a mixed outcome, with growth in the Manufacturing and Healthcare segments but muted spending in areas like Communications, BFSI, and Hi-tech.
While this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation," Mohit Joshi, Managing Director & Chief Executive Officer, Tech Mahindra, said. “This year has given us the opportunity to step back and review our portfolio. We are confident that these actions will help us correct our course and deliver value in the long term.
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