Tech Mahindra: Tech Mahindra Q4 net profit down 41% to Rs 661 crore; revenue tanks 6.2%

April 26, 2024

, By The Economic Times

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Tech Mahindra, country’s fifth largest IT services firm, reported a decline in net profit of 40.9% year-on-year (YoY)
to `661 crore primarily driven by slowdown in its telecom, 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 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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Tech Mahindra: Tech Mahindra Q4 net profit down 41% to Rs 661 crore; revenue tanks 6.2%

April 26, 2024

, By The Economic Times

Tech Mahindra, country’s fifth largest IT services firm, reported a decline in net profit of 40.9% year-on-year (YoY)
to `661 crore primarily driven by slowdown in its telecom, 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 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.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College	Course	Website
IIM Lucknow	IIML Executive Programme in FinTech, Banking & Applied Risk Management	Visit
MIT	MIT Technology Leadership and Innovation	Visit
IIM Kozhikode	IIMK Advanced Data Science For Managers	Visit

“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.

Discover the stories of your interest

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Former Apple researchers launch startup focused on iOS security

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Zomato’s quick commerce unit Blinkit eclipses core food business in value, says Goldman Sachs

The Economic Times

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