Tech Mahindra Limited (TECHM.BO)
- Reuters
India's Tech Mahindra misses Q4 revenue view on weak communications segment
Bengaluru (Reuters) -Tech Mahindra, India's fifth-largest software company, reported fourth-quarter revenue below analysts' estimates on Thursday due to weakness in its communications and media segment as macro headwinds weighed on overall demand. Analysts, on average, expected revenue of 129.55 billion rupees, as per LSEG data. The communications and media segment, which contributes to a third of its overall revenue, saw a 16.5% decline.
- Reuters
Tech companies plug into India's smaller cities for talent
Indian engineer B. Ramachandran now prefers living in the smaller cities than the major tech hubs of Bengaluru and Chennai. Some are already finding it easier to hire staff in tier 2 cities, in contrast to before the pandemic when workers largely went from smaller cities into the country's major IT hubs for jobs. "The HR and I used to drive down to Bengaluru and Chennai to interview experienced talent and convince them to move to Madurai," said Selvaganesh M.P, founder of IT firm SMI that was bought by mid-cap IT company Happiest Minds in 2023.
- Reuters
India's Tech Mahindra misses Q3 profit view on muted spending in key segments
MUMBAI/BENGALURU (Reuters) -India's Tech Mahindra posted a 60.6% drop in third-quarter net profit on Wednesday, missing estimates as clients continued to hold back spending in communications and banking segments. The fifth-largest Indian IT services company's net profit fell to 5.10 billion rupees ($61.36 million) for the three months ended Dec. 31, 2023, from 12.97 billion rupees a year earlier. Analysts, on average, expected a profit of 6.17 billion rupees, according to LSEG data.
