Tech Mahindra Q3 Net Profit Plunges 60% to Rs 510 Crore
Jan 24, 2024 16:23
Tech Mahindra reported a sharp decline in net profit for the December 2023 quarter, falling 60% to Rs 510.4 crore. Revenue also declined, and operating profit margin narrowed significantly.
Mumbai, Jan 24 (PTI) Tech Mahindra on Wednesday reported a 60 per cent decline in net profit at Rs 510.4 crore in the three months ended December 2023.
The Mahindra group company had reported a net profit of Rs 1,296.6 crore in the year-ago period while the same was at Rs 493.9 crore in the quarter-ago period.
Its overall revenue from operations declined 4.6 per cent to Rs 13,101 crore in the third quarter of the current financial year from Rs 13,734 crore in the same period a year ago.
There was a sharp decline in the operating profit, with the margin narrowing to 5.4 per cent from the 12 per cent in the year-ago period.
Shares of the company closed 3.09 per cent up at Rs 1,407.75 apiece on the BSE.
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