Tech Mahindra Ltd reported a significant decline in its net profit for the third quarter, closing at Rs 485.9 crore due to lower operational revenue. In a regulatory filing, the company disclosed that for the quarter ending December 31, 2023, it generated an operational revenue of Rs 10,551.4 crore, compared to Rs 10,987.6 crore in the same quarter of the previous fiscal year. The net profit for the quarter was Rs 485.9 crore, a notable drop from Rs 1,204.4 crore in the corresponding period.
In addition to the financial results, the company's Board approved an amendment to the scheme of merger by absorption, initially sanctioned on October 24, 2023. This amendment includes the merger of Thirdware Solution Ltd, a wholly-owned subsidiary. The revised scheme of merger now encompasses Perigord Premedia (India) Private Ltd, Perigord Data Solutions (India) Private Ltd, Tech Mahindra Cerium Private Ltd, and Thirdware Solution Limited, all wholly-owned subsidiaries of Tech Mahindra.
(With Agency Inputs)
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