Tech Mahindra Q3 profit down 5% YoY on weak macro environment; revenue jumps 20%

Tech Mahindra has reported an almost 5% slump in quarterly profit on Monday, hit by weak macro economic environment.

The Mahindra group company released its numbers post market hours today.

The information technology services company's consolidated net profit came in at ₹1,296.6 crore, down 5% YoY for the quarter ended 31 December, 2022.

The company had posted ₹1,368.5 crore profit in the year-ago period.

Tech Mahindra's revenue from operations came in at ₹13,734.6 crore for the third quarter under review, up 20% year-on-year and 4.6% quarter-on-quarter.

The IT company has reported an EBITDA (earnings before interest, tax, depreciation and amortisation) at ₹2,144 crore, up 8.1% QoQ and 4.1% on-year.

The company's total headcount stands at 157,068, down 4.2% 000.

On Monday, Tech Mahindra shares rose 0.88% to settle at ₹1,039.20 apiece on the NSE.