Tech Mahindra Q2 profit plunges 61%, as revenue slips

Bengaluru: In line with analysts’ estimates, homegrown IT-major Tech Mahindra on Wednesday reported negative growth for a second straight quarter in the July-September period, 2023.

The tech conglomerate’s net profit plunged by a whopping 61.6% year-on-year (YoY) to Rs 494 crore. Its revenue declined 2.2% sequentially and 2% YoY at Rs 12,864 crore.

“The last two quarters were probably the most difficult ones,” said outgoing managing director and chief executive CP Gurnani, during the post earnings press conference. He blamed soft progress for projects such as 5G and budget tightening by customers on the back of rising interest rates.