Tech Mahindra posted a 61% decline in net revenue at ₹505.3 crore within the second-quarter of FY24, as in opposition to a net revenue of ₹1,299.2 crore within the corresponding interval final 12 months.
The final two quarters have been essentially the most troublesome pushed by slowing demand in telecom and communications segments and delays in deal cycles, stated the tech main on Wednesday at a media briefing.
In his commentary on the quarter ending September, the corporate’s CEO and Managing Director C.P Gurnani stated, “the year is being characterised by a challenging demand environment and prolonged macro uncertainties calling.” Mr. Gurnani added that the corporate is “doubling down” on its technique “of working closely with clients, helping them streamline and modernise operations as they reprioritise their resources.”
He painted a dire image of some shoppers who needed to cease their capital expenditures due to a spike in working prices.
“We have taken actions to reduce the exposure to non-core areas of business,” stated Rohit Anand, Chief Financial Officer, Tech Mahindra. He stated, “These actions will, over time, help us improve our financial performance and enable long term sustainable growth.”
Tech Mahindra’s attrition charge slipped to 11% in Q2 FY24 from 13% within the earlier quarter.
The firm declared an interim dividend of ₹12 per fairness share of ₹5 every.
