Tech Mahindra is among the top five losers on the BSE currently; opening over 4% lower at Rs.1349.65, the stock fell down further to Rs.1322, down 6%. Its 52-week low is at Rs.982.95.

The stock price was pummeled down as its earn Q3 earnings missed all estimates by a large margin.

The consolidated net profit came in at Rs.510 crore, up 3%, which is much lower than widely expected net profit of Rs.625-650 crore. YoY, the fall was much bigger at 61%.

Revenue for the quarter was at 12,957 crore, up 2% (QoQ) and down 5% (YoY).

EBIT margin was at 5.4% v/s 4.7% (QoQ).

The new CEO, Mohit Joshi took over from ex-CEO, CP Gurnani just recently and this is his first quarter as CEO. Joshi put in place an organization restructure and also changed the leadership team. All this came into effect from 1^st Jan’24. With the focus being more internal,  under a new CEO, it always takes a quarter or two for any company to get back its mojo.