Key Points
BENGALURU, July 26 (Reuters) - India's Tech Mahindra (TEML.NS) on Wednesday posted a surprise 39% drop in first-quarter profit, as challenging macroeconomic conditions prompted clients to curb spending...
The company's consolidated net profit fell to 6.93 billion rupees ($84.5 million) for the quarter ended June 30...
Analysts were expecting profit to remain flat at 11.32 billion rupees, according to Refinitiv data...
Indian information technology (IT) companies have seen clients tighten spending amid fears of a recession in key markets U.S and Europe, resulting in subdued results for the quarter and warnings of slower revenue growth for the year...
Analysts have also flagged weakness in Tech Mahindra's largest segment, communications, which contributes nearly 40% of its revenue as telecom clients ramp down on projects in a bid to cut costs...
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