Tech Mahindra reported a 61% year-on-year decline in net profit at ₹510.4 crore in the December ended quarter of FY24 as against ₹1,296.6 crore a year earlier. Revenue from operations declined to ₹13,101.3, a 4.6% fall compared with ₹13,734.6 crore a year earlier. However, on a sequential basis, revenue was up by 1.8%, the company said on Wednesday.
Addressing a media conference, Mohit Joshi, Managing Director and Chief Executive Officer of Tech Mahindra, said, “The quarter was a mixed outcome, with growth in the manufacturing and healthcare segments, but muted spending in areas like communications, BFSI and hi-tech.”
The new chief executive of TechM recently said that he was working on three track plans for the company: a plan for revenue, a plan for margins and a plan for the organisation.
