Tech Mahindra Q1FY25 Results:The leading IT company Tech Mahindra has announced its quarterly results. The company’s results announced on Thursday have been slightly better than expected. In the first quarter, Tech Mahindra’s consolidated revenue fell by 1.2% to Rs 13,006 crore, while experts had predicted a decline of 1.6%. Despite the revenue challenges, Tech Mahindra’s profit in this quarter increased by 23% to Rs 852 crore. However, it was slightly less than the predictions made by experts.
The improvement in the company’s performance has come mainly from the improvement in business from sectors like manufacturing and health services. This shows that some industries are again starting to spend more on IT services.
Decline in revenue for 9 months
Tech Mahindra, India’s fifth largest IT services company, was facing a decline in revenue for the last nine months. The decline which was 2 percent in the quarter ended September 2023, reached 6.17 during the quarter ended March 2024. In such a situation, the latest results are indicating that the performance of India’s IT companies is improving. Other big IT companies of India like Tata Consultancy Services (TCS), Infosys and HCL Tech have also announced encouraging results. It is expected that the business from North America will also improve in the coming months for tech companies. This is the reason Overall, these results indicate a potential turnaround for Tech Mahindra and the entire Indian IT sector, although challenges still remain.
(This news is being updated)
