External demand headwinds continued to mar its earnings performance with revenue falling for the second quarter in a row.
In the September quarter (Q2FY24), sequential constant currency revenues declined 2.4%, witnessing a sharper-than-anticipated fall primarily due to the ongoing slowdown in its key communications, media and entertainment vertical. The pain in this segment could persist, especially with respect to 5G, as clients are pulling back investments, the management said.
The company also initiated a business rationalisation exercise in Q2 which led to project closures with some of its non-core clients. These one-offs accelerated the adverse impact on revenue and earnings before interest and tax (Ebit) margin. The management commentary for H2FY24 is bleak.
Amid this, Tech Mahindra’s chief executive officer designate Mohit Joshi has announced a plan to simplify and streamline the organizational structure to foster deeper client relationships.
Denne historien er fra October 27, 2023-utgaven av Mint Mumbai.
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Denne historien er fra October 27, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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