Tech Mahindra Q4 net profit down 41% to Rs 661 crore; revenue tanks 6.2%
Tech Mahindra, country's fifth largest IT services firm, reported a decline in net profit of 40.9% year-on-year (YoY)
to `661 crore primarily driven by slowdown in its telecom, communications, media and entertainment business, which is its largest vertical with 36.5% market share.
The profit stood at Rs 1,118 crore in last year's March quarter. Sequentially, profit grew 29.6% from Rs 510 crore in the December quarter because of a one-off gain. The Pune-headquartered firm’s consolidated revenue from operations fell 6.2% YoY to Rs 12,871.30 crore from Rs 13,718 crore in March quarter of FY23. Sequentially, it dipped by 1.7% from Rs 13,101 crore in the preceding quarter.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitMITMIT Technology Leadership and InnovationVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisit <div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-109602808»>“Q4 (FY24) marks the low point in our year-on-year growth trajectory. We are confident from Q1 (FY25) will see an
improvement. There, however, will be volatility between quarters,” said CEO Mohit Joshi.
