BENGALURU: IT major Tech Mahindra on Wednesday reported a 60.6% year-on-year (YoY) fall in net profit at Rs 510 crore in the December quarter compared to Rs 1,296.6 crore in the year-ago period.
The net profit was much lower than Street estimates. Revenue for the quarter stood at Rs 13,101 crore, down 4.6% YoY. Mohit Joshi, MD and CEO, 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.”
“While this dichotomy in the markets will take its own time to settle, we are focusing internally on realigning under the new structure and strengthening the foundations of our organisation,” he added. The company’s earnings per share stood at Rs 5.8, and its total headcount for the quarter was 1,46,250, down 4,354 sequentially. Rohit Anand, CFO, Tech Mahindra, said, “This year has given us opportunity to step back and review our portfolio. We are confident that these actions will help us correct our course and deliver value in the long term.”