Global IT services giant Tech Mahindra Ltd. reported revenue fell 5.9% year over year on a constant currency basis to $1.55 billion in its fiscal second quarter ended Sept. 30. The decrease was 5.1% on a reported basis.

“The year is being characterized by a challenging demand environment and prolonged macro uncertainties calling for a very tactical approach,” Managing Director and CEO CP Gurnani said in a press release. “We have doubled down our strategy of working closely with clients, helping them to streamline and modernize operations as they reprioritize their resources.”

Tech Mahindra’s Americas revenue edged down 0.5% year over year; European revenue fell by 8.6%% year over year, and revenue from the rest of the world fell 11.0%.

By industry, revenue in Tech Mahindra’s largest industry served in terms of revenue, “communications, media and entertainment,” fell by 11.5%. However, revenue in the company’s second-largest segment, manufacturing, rose by 5.7%.

Total headcount fell by 8.1% year over year to 150,604.

Profit after tax fell 62.5% year over year to $59 million.

“We have taken actions to reduce the exposure to non-core areas of business,” Tech Mahindra CFO Rohit Anand said in a press release. “These actions will, over time, help us improve our financial performance and enable long-term sustainable growth. A consistent dividend payout reinforces our commitment towards creating value for our shareholders.”

Share price

Shares in Tech Mahindra were down 1.19% to 1,142.15 Indian rupees (US$0.07) as of 6:29 a.m. Eastern time today; shares were 16.42% above their 52-week high, according to FT.com.