IT firm Tech Mahindra reported a fall in third-quarter profit on Monday, hurt by a moderation in demand and subdued performance at its communications division. The company’s consolidated net profit fell 5.3 per cent to Rs 1,297 crore for the quarter-ending December 31, 2022 as against Rs 1,369 crore in the year-ago period.
Revenue for the quarter came in at Rs 13,735 crore, up 19.9 per cent YoY, the IT major said in a release.
CP Gurnani, Managing Director & Chief Executive Officer, Tech Mahindra, said, “We are witnessing moderation in growth given the tough macro economic environment. We will continue to work with our customers to pre-empt their technological requirements and identify, new
demand drivers, especially for digital services.”
Rahit Anand, Chief Financial Officer, Tech Mahindra, said, “Our numbers reflect resilience as we continue to work on the expansion of operating margin. I am confident that our strategy of client centricity and agility combined with delivery led transformation will help us create value for our customers and stakeholders alike.”
On Monday, the IT firm’s scrip on BSE closed 0.6% higher at Rs 1,036.15.