BENGALURU: Tech Mahindra, fifth-largest software program firm within the nation, reported fourth-quarter revenue beneath analysts‘ estimates on Thursday attributable to weak spot in its communications and media segment as macro headwinds weighed on total demand.
Consolidated revenue fell 6.2% year-on-year to 128.71 billion rupees ($1.55 billion) within the March quarter.Analysts, on common, anticipated revenue of 129.55 billion rupees, as per LSEG information.
The communications and media segment, which contributes to a 3rd of its total revenue, noticed a 16.5% decline 12 months on 12 months within the reporting quarter.
Stubbornly excessive inflation, financial uncertainty and geopolitical dangers have pushed shoppers to chop down on discretionary tech spending. Industry physique Nasscom estimated that total revenue development within the expertise sector greater than halved to three.8% in fiscal 2024.
The Pune-based firm’s internet revenue fell about 41% to six.61 billion rupees within the fourth quarter, lacking analysts’ common estimate of seven.57 billion rupees, in accordance with LSEG information.
Earlier this month, market chief Tata Consultancy Services posted a lower-than-expected revenue, though it forecasted a robust deal pipeline to drive development this fiscal 12 months. Peer LTIMindtree on Wednesday missed the fourth-quarter revenue estimate amid weak spot in its banking unit.
The Mahindra group firm’s internet new deal bookings stood at $500 million, in comparison with $382 million within the earlier quarter and $592 million within the year-ago interval.
Consolidated revenue fell 6.2% year-on-year to 128.71 billion rupees ($1.55 billion) within the March quarter.Analysts, on common, anticipated revenue of 129.55 billion rupees, as per LSEG information.
The communications and media segment, which contributes to a 3rd of its total revenue, noticed a 16.5% decline 12 months on 12 months within the reporting quarter.
Stubbornly excessive inflation, financial uncertainty and geopolitical dangers have pushed shoppers to chop down on discretionary tech spending. Industry physique Nasscom estimated that total revenue development within the expertise sector greater than halved to three.8% in fiscal 2024.
The Pune-based firm’s internet revenue fell about 41% to six.61 billion rupees within the fourth quarter, lacking analysts’ common estimate of seven.57 billion rupees, in accordance with LSEG information.
Earlier this month, market chief Tata Consultancy Services posted a lower-than-expected revenue, though it forecasted a robust deal pipeline to drive development this fiscal 12 months. Peer LTIMindtree on Wednesday missed the fourth-quarter revenue estimate amid weak spot in its banking unit.
The Mahindra group firm’s internet new deal bookings stood at $500 million, in comparison with $382 million within the earlier quarter and $592 million within the year-ago interval.
