Revenue at IT services provider Tech Mahindra rose 1.4% year over year in its fiscal third quarter ended Dec. 31, 2024, to 132.9 billion Indian rupees (US$1.6 billion). However, Reuters reported that earnings missed expectations.

Americas revenue fell 1.8% in constant currency. However, European revenue rose 2.6% and rest-of-world revenue rose 6.9%, both in constant currency.

“We see an improved rate of deal wins in our key verticals and prioritized markets,” CEO Mohit Joshi said in a press release.

The Pune, India-headquartered firm reported revenue rose in its banking, financial services and insurance vertical by 9.5% in constant currency. This vertical represents 16.1% of revenue. In addition, the firm’s technology, media and entertainment segment saw growth of 3.9%, representing 14.3% of total revenue.

Still, revenue fell 2.4% year over year in its largest vertical, communications, which represents 32.5% of total revenue.

Headcount rose to 150,488 in the third quarter from 146,250 in the third quarter of the previous fiscal year.

Tech Mahindra - Q3 2025

Share price

Shares in Tech Mahindra closed down 1.17% to 1,660.30 Indian rupees (US$19.18) on 17 January. They were 8.15% below their 52-week high.