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

Tech Mahindra's revenue from operations came down 4% year-on-year from ₹13,734.6 crore to ₹13,101 crore.

Updated on: Jan 24, 2024, 16:40:14 IST

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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.

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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