IT services giant Tech Mahindra Ltd. reported revenue fell 6.4% in constant currency as measured in US dollars to $1.55 billion in its fiscal fourth quarter ended March 31. The decline took place across geographies and most industries. Fourth-quarter revenue from the manufacturing industry rose.
“As we step into [fiscal year 2025], we look forward to improvement in clients spending, which fuels our optimism for a better revenue performance ahead,” Tech Mahindra CEO and Managing Director Mohit Joshi said.
“[Fiscal 2024] posed its fair share of challenges for the IT services sector; yet, amidst the global economic uncertainties, we continue to observe a notable push towards digital adoption,” Joshi said.
On a reported basis, revenue was up 6.2% year over year in manufacturing in the first quarter. However, revenue fell across other industry verticals served, with “communications, media and entertainment” seeing the largest decrease at 16.5% year over year.
Looking at revenue by geography, Americas revenue fell by 4.9% year over year on a reported basis but still accounted for more than half of Tech Mahindra’s revenue. European revenue fell 11.2% year over year, and revenue from the “rest of world” fell 7.7%.
Total headcount was down by 795 in the fourth quarter compared to the third quarter for total headcount of 145,455.
Share price
Shares in Tech Mahindra closed up 0.39% today to 1,190.30 Indian rupees (US$14.29). Shares were 21.33% above their 52-week low.