Tech Mahindra Q3 profit declines 60% as communications vertical lags

Tech Mahindra on Wednesday reported a 60 per cent decline in net profit at Rs 510.4 crore in the three months ended December 2023.

The Mahindra group company had reported a net profit of Rs 1,296.6 crore in the year-ago period while the same was at Rs 493.9 crore in the quarter-ago period.

Its overall revenue from operations declined 4.6 per cent to Rs 13,101 crore in the third quarter of the current financial year from Rs 13,734 crore in the same period a year ago.

There was a sharp decline in the operating profit, with the margin narrowing to 5.4 per cent from the 12 per cent in the year-ago period.

 

Shares of the company closed 3.09 per cent up at Rs 1,407.75 apiece on the BSE.