Tech Mahindra Q3 net profit falls 60% to ₹510 cr

IT major Tech Mahindra on Wednesday reported a 60% decline in net profit at 510.4 crore in the quarter ending in December 2023.

Tech Mahindra logo is seen on its office building in Noida on the outskirts of New Delhi, India March 7, 2019.(Reuters)

The Mahindra group company had reported a net profit of 1,296.6 crore in the year-ago period and 493.9 crore in the quarter-ago period.

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The revenue from operations of the company came down 4% year-on-year from 13,734.6 crore in the third quarter of financial year 2023 to 13,101.3 crore.

There was also a sharp decline in the operating profit of Tech Mahindra, with the margin dropping to 5.4% from the 12% in the year-ago period.

Earlier today, ahead of the announcement of the results, shares of Tech Mahindra company closed at a high of 3.09% at 1,407.75 apiece on the Bombay Stock Exchange.

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