India's Tech Mahindra beats July-Sept revenue view
BENGALURU - Indian IT services firm Tech Mahindra on Saturday reported revenue grew more than expected in the three months through September, aided by growth in European and other non-American markets, as well as the banking, financial services, and insurance segment.
Higher borrowing costs along with macroeconomic and geopolitical risks have prompted clients to curb their spending on discretionary tech spending. Net profit increased 153% to 12.5 billion rupees , aided by the one-time gain by the sale of land, and along with furniture and fixtures, leading to other income of 5.2 billion rupees.In April, the firm unveiled a three-year turnaround plan aimed at increasing revenue and doubling its operating margin to 15% by fiscal 2027 after multiple quarters of slowing growth and a significant decline in its margins.
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