Tech Mahindra's Q4 profit falls 26% as clients reduce spending

India's Tech Mahindra Q4 profit drops 26% as clients cut spending

Published on: Apr 27, 2023, 16:43:45 IST

PTIPosted by Singh Rahul Sunilkumar

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Tech Mahindra on Thursday reported a 27 per cent decline in its consolidated net profit for the March quarter at ₹1,179.8 crore.

Employees walk outside the cafeteria in the Tech Mahindra office building in Noida on the outskirts of New Delhi. (REUTERS)

The fifth largest IT services company by revenues had reported a post-tax net profit of ₹1,637.9 crore in the year-ago period.

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For FY23, its net profit came at ₹5,137.6 crore as against ₹5,794.9 crore in the year-ago period.

Its total income increased to ₹14,023.7 crore as against ₹12,436.1 crore in the year-ago period, while expenses jumped to ₹12,493.8 crore as against R$ 10,567.3 crore in the year-ago period.

ABOUT THE AUTHOR
Singh Rahul Sunilkumar
A journalist with an engineer's core is trying to make news easier to grasp. He loves breaking down complex topics into digestible form. Obsessed with ISRO, his bylines cover science, technology, business, and, of course, Indian politics. When he's not on shift, you can find him sleeping on books.Read More