Tech Mahindra Q1 consolidated net profit falls 24.8%

Tech Mahindra has posted a 24.84% fall in consolidated net profit at Rs 1,131.6 crore for the first quarter ended June 30, compared with Rs 1,505.7 crore posted during the sequential March quarter. However, bucking the industry trend, the IT services firm reported a fall in attrition during the quarter.

The company’s earnings also fell below Bloomberg analysts’ consensus estimate, who were expecting the firm to post a net profit of Rs 1,215.7 crore for the reporting quarter.