Tech Mahindra misses revenue forecasts in the third quarter

The Indian IT service provider Tech Mahindra failed to meet analysts' expectations in the third quarter of the 2022/2023 fiscal year. The reason for this is a declining demand in the key telecommunications segment. The company's revenue increased by 1.4 percent compared to the same period last year, reaching 132.86 billion rupees (approximately 1.53 billion US dollars). This is below the analysts' predictions, who on average expected revenue of 133.53 billion rupees, according to data from LSEG. The recent figures reflect the challenges Tech Mahindra faces in the currently volatile market environment, particularly in its main business area, telecommunications. The company may now consider strategies to offset this decline in demand and meet future expectations.