24-01-2024 04:13 PM | Source: Reuters
India's Tech Mahindra misses Q3 profit estimates as communications vertical lags
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India's Tech Mahindra posted a 60.6% drop in third-quarter net profit on Wednesday, missing estimates amid persistent weakness in the company's communications vertical.The fifth-largest Indian IT services company's net profit fell to 5.10 billion rupees ($61.36 million) for the three months ended Dec. 31, 2023, from 12.97 billion rupees a year earlier.
Analysts, on average, expected a profit of 6.17 billion rupees, according to LSEG data.
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