Tech Mahindra Q2: Profit down 61%, lowest QoQ growth among peers

Tech Mahindra’s net profit for the fiscal second quarter plunged 61.5% on year, missing estimates, due to what it said were unanticipated pressure on capital expenditure and a lack of recovery in the communications domain, the software company’s largest revenue driver.

Quarterly net profit stood at Rs 494 crore, with the sharp fall coming at a time when all leading industry peers have given a bleak FY24 guidance due to a delay in decision-making and cuts in discretionary spend.