data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/tech-mahindra-ltd/stocks/companyid-11221.cms” rel=”noopener”>Tech Mahindra, country’s fifth largest data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/it-services” target=”_blank” rel=”noopener”>IT services firm, reported a decline in data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/net-profit” target=”_blank” rel=”noopener”>net profit of 40.9% year-on-year (YoY)
to `661 crore primarily driven by slowdown in its telecom, data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/communications” target=”_blank” rel=”noopener”>communications, media and entertainment business, which is its largest vertical with 36.5% market share.
The profit stood at Rs 1,118 crore in last year’s March quarter. Sequentially, profit grew 29.6% from Rs 510 crore in the December quarter because of a one-off gain. The Pune-headquartered firm’s consolidated data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/definition/revenue” rel=”noopener”>revenue from operations fell 6.2% YoY to Rs 12,871.30 crore from Rs 13,718 crore in March quarter of FY23. Sequentially, it dipped by 1.7% from Rs 13,101 crore in the preceding quarter.
to `661 crore primarily driven by slowdown in its telecom, data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/communications” target=”_blank” rel=”noopener”>communications, media and entertainment business, which is its largest vertical with 36.5% market share.
The profit stood at Rs 1,118 crore in last year’s March quarter. Sequentially, profit grew 29.6% from Rs 510 crore in the December quarter because of a one-off gain. The Pune-headquartered firm’s consolidated data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/definition/revenue” rel=”noopener”>revenue from operations fell 6.2% YoY to Rs 12,871.30 crore from Rs 13,718 crore in March quarter of FY23. Sequentially, it dipped by 1.7% from Rs 13,101 crore in the preceding quarter.
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“Q4 (FY24) marks the low point in our year-on-year growth trajectory. We are confident from Q1 (FY25) will see an
improvement. There, however, will be volatility between quarters,” said CEO Mohit Joshi.
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