If Tech Mahindra reported a 39% slump in first-quarter profit due to challenging macroeconomic conditions as of the time you mentioned (2023), I wouldn’t have information on it.
To get the most recent and accurate information about Tech Mahindra’s financial performance, I recommend checking reliable financial news sources or the company’s official announcements.
It’s essential to note that economic conditions can change over time, and the situation may have evolved since my last update. To get the most current information about the performance of Indian IT firms and their clients’ spending behavior, I recommend checking recent financial reports and news from reputable sources.
Tech Mahindra’s largest segment was indeed communications, and the company provided IT services primarily to clients in the telecommunications industry. The telecommunications industry can be cyclical and subject to fluctuations in project spending based on various factors such as market conditions, technology upgrades, and regulatory changes.
If Tech Mahindra’s communications segment faced weakness due to telecom clients reducing project spending to control costs, it would not be uncommon, as such actions are typical during economic downturns or periods of uncertainty. However, I cannot verify the specific details or recent developments beyond my last update.
