Key Points
BENGALURU, Oct 26 (Reuters) - Shares of Indian IT services company Tech Mahindra (TEML.NS) dropped to nearly a three-month low on Thursday, a day after the company posted its biggest profit drop in 16 years...
Tech Mahindra reported a 61.6% fall in September-quarter net profit, its worst performance since March 2007, hurt by higher expenses and weak client spending...
"We believe the impact of portfolio restructuring and weak demand will weigh on growth and margin in second half of the year and hence, fiscal 2024 as a whole," Nomura analysts said.. Tech Mahindra's new deal wins also fell to $640 million from $716 million a year earlier...
Analysts at Kotak Institutional Equities also cited Tech Mahindra's restructuring expenses for the sharp revenue and margin miss which worsened due to client-specific issues in the telecom vertical and weak discretionary spending...
The IT sector has been grappling with soft demand over the past few quarters amid reduced spending due to a tough macroeconomic environment, leading to the likes of Wipro (WIPR.NS) forecasting a slide in key IT services revenue in the near term...
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