Tech Mahindra Q1 results: Net profit up 23% on cost action; still a miss

India’s fifth-largest IT services company Tech Mahindra on Thursday reported a 23 per cent year-on-year (Y-o-Y) jump in its net profit for the first quarter of 2024-25. Strong cost measures, along with a drop in subcontracting cost by almost 200 basis points, helped the company script a healthy profit margin of Rs 851 crore.

Bloomberg had pencilled in Rs 873.6 crore net profit, a tad above what the IT firm delivered.