Tech Mahindra Q3 results: Net profit declines by 60.6% to Rs 510 cr

Tech Mahindra, the IT services business of the Mahindra & Mahindra group, on Wednesday reported a 60.6 per cent decline in net profit to Rs 510.4 crore for the third quarter of FY24.

The revenues for Q3FY24 stood at Rs 13,101 crore, down 4.6 per cent year-on-year (Y-o-Y). Sequentially, the revenues were up 1.8 per cent and profit was up 3.2 per cent.

The company’s performance was impacted due the macro uncertainty and weakness in top verticals like telecommunications, BFSI and retail.

The company’s third quarter revenue numbers beat Bloomberg estimates, but missed profit expectations.