Tech Mahindra Q2FY24 result: Net profit down 61.6%, revenue drops 2%

Tech Mahindra, the IT services business of the Mahindra & Mahindra group, reported a disappointing second quarter for FY24, missing estimates for both bottom line and top line. The company’s net profit plummeted by 61.6 per cent year-on-year (Y-o-Y) — the sharpest decline in over a decade — landing at Rs 494 crore; sequentially it was down 28.7 per cent.

While Tech Mahindra grappled with budget tightening by clients, reorganisation in certain geographies and verticals was also behind the poor showing in Q2FY24. The quarter’s revenue was Rs 12,864 crore, down 2 per cent Y-o-Y.