Tech Mahindra Q2 net down 4% YoY to Rs 1,285 cr on supply side pressure

Profit was up sequentially, however; Revenue rose 20.7% YoY and 3.3% QoQ, driven by growth in CME segment and the US market

IT services major Tech Mahindra’s net profit for Q2 FY23 was down 4 per cent at Rs 1,285 crore due to supply side pressure. But profits grew 13.6 per cent on a quarter-on-quarter basis.

Revenue for the quarter at Rs 13,129 crore was up 20.7 per cent YoY and grew 3.3 per cent sequentially, driven by growth in CME (communications, media and entertainment) and the US geography, which grew by 10.3 per cent and 18.4 per cent respectively.

The company also stated that it signed net new deals worth $716 million during the quarter. The TCV was lower than the