TechM net falls 5.3%; enterprise biz crosses $1 bn in quarterly revenue

Tech Mahindra (TechM) reported a fall of 5.3 per cent in net profit for the third quarter (Q3) of 2022-23 (FY23) at Rs 1,297 crore. Sequentially, profit after tax was down 0.9 per cent. Inflation and supply-side constraints pulled the company’s profit down.

TechM’s Q3 performance met with Bloomberg estimates on revenue, but was a miss on net income. Bloomberg estimates expected revenue at Rs 13,522.6 crore and net income at Rs 1,299.6 crore.

Revenue for the quarter came in at Rs 13,734.6 crore for Q3 — up 19.9 per cent. On a sequential basis, revenue was up 4.6 per cent.

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