Tech Mahindra’s shares witnessed a significant decline of over 6% in early trade on Thursday, following the disclosure of its third-quarter results for the financial year. The IT company reported a consolidated net profit of Rs 523.7 crore, marking a considerable drop from Rs 1,285.3 crore on a year-on-year (YoY) basis. In comparison, the net profit for the September quarter stood at Rs 505.3 crore.
As of 10:06 am, Tech Mahindra shares were trading at ₹1,351.00, reflecting a nearly 4.5% decrease.
The country’s fifth-largest IT services firm experienced a substantial 60.6% year-on-year (YoY) decline in profit, recording Rs 510 crore in Q3FY24. The results fell below analyst estimates, contributing to the downward trend in the company’s share price today. Investors are closely monitoring the situation as Tech Mahindra addresses the challenges and strategizes for the upcoming quarters in a dynamic IT landscape.