Tech Mahindra Share: IT services company Tech Mahindra fell by nearly 6% after the company’s revenue fell by 1.2% during the June quarter. The stock fell 5.52 percent to Rs 1,445.50 on the BSE. The NSE fell by 5.60 percent to Rs 1,444.25.

The stock emerged as the biggest laggard among Sensex and Nifty firms.

On Thursday, Tech Mahindra stated that its consolidated net profit had increased by 23% to Rs 851 crore in the June 2024 quarter. The Mahindra Group company posted a net profit of Rs 692.5 crore in the year-ago period. The company, which recently began a three-year strategic restructuring under a new head, fell by 1.2% to Rs 13,005 crore in the reported quarter.

Its new managing director and chief executive, Mohit Joshi, said that performance in FY25 would be better than the previous year.

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Tech Mahindra Q1 Result 

IT services company Tech Mahindra stated that its consolidated net profit for the June 2024 quarter increased by 23% to Rs 851 crore. The Mahindra Group company posted a net profit of Rs 692.5 crore in the year-ago period. The company, which recently began a three-year strategic restructuring under a new head, fell by 1.2% to Rs 13,005 crore in the reported quarter. Its new managing director and chief executive, Mohit Joshi, said that performance in FY25 would be better than the previous year.

Despite the decline in revenue, interest expense proved to be one of the primary drivers of profitability, with a 40% decline in overall expenses as well as a 2.3 percent drop in overall expenses to Rs 955 crore.

Joshi said that it would consider raising the wages of its more than 1.47 lakh employees—one of the major cost centers for any IT services firm—in the second half of the fiscal year alone and that this had been communicated to the staff members.

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