Tech Mahindra Q2 Results: Profit plunges 61.6% on-year to Rs 493.90 crore, revenue falls to Rs 12,863.90 crore

IT major Tech Mahindra on Wednesday posted profit for the quarter ended September 2023 at Rs 493.90 crore, down 61.6 per cent in comparison to Rs 1285.40 during the corresponding quarter of FY23, missing estimates. It posted revenue from operations at Rs 12,863.90 crore, down 2 per cent as against Rs 13,129.50 crore during the second quarter of FY23. The company EBIT stood at Rs 606.6 crore. According to a CNBC TV18 poll, Tech Mahindra was expected to post the quarter profit at Rs 663 crore and revenue at Rs 13,113 crore.

The total income recorded during the second quarter of FY24 was at Rs 13,128.10 crore, down 2.2 per cent from Rs 13419.70 crore during the same quarter last year.