India's Tech Mahindra misses Q3 profit view on muted spending in key segments

FILE PHOTO: Tech Mahindra logo is seen on its office building in Noida on the outskirts of New Delhi, India March 7, 2019. REUTERS/Adnan Abidi/File Photo

MUMBAI/BENGALURU (Reuters) -India's Tech Mahindra posted a 60.6% drop in third-quarter net profit on Wednesday, missing estimates as clients continued to hold back spending in communications and banking segments.

The fifth-largest Indian IT services company's net profit fell to 5.10 billion rupees ($61.36 million) for the three months ended Dec. 31, 2023, from 12.97 billion rupees a year earlier.