Tech Mahindra’s net profit for the December quarter was Rs 510 crore, a YoY decline of over 60%. The profit fell short of CNBC-TV18’s poll expectation of Rs 605 crore. Sequentially, the profit increased by 3% from Rs 494 crore in the previous quarter.
Q3 revenue dropped by 4.6% to Rs 13,101 crore compared to the same quarter last year. In dollar terms, revenue slipped 5.7% YoY but rose 1.1% sequentially to $1,573 million.
Earnings before interest and taxes (EBIT) stood at Rs 703 crore. Margins were reported at 5.4%, aligning with expectations.
Earnings per share (EPS) for the quarter stood at Rs 5.8. The quarter saw growth in the Manufacturing and Healthcare segments but muted spending in areas like Communications, BFSI, and Hi-tech.
Tech Mahindra reported a free cash flow of $228 million. Cash and cash equivalents as of December 31, 2023, stood at Rs 7,012 crore.
At the time of writing, stock was trading at Rs 1329.30 which is a 5.53% dip from the previous close.
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