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Tech Mahindra Q4 Results: Tech Mahindra reported a 41% YoY drop in March quarter net profit to Rs 661 crore. Revenue fell 6.2% YoY to Rs 12,871.30 crore. FY24 PAT was Rs 2,396.80 crore.
Kotak Bank shares tumbled as much as 13% on Thursday after it was barred from adding new customers through its digital channels and from issuing fresh credit cards. As the largest shareholder with a stake of almost 26%, the billionaire founder bore the heaviest brunt from the selldown, the most in four years.
Kotak Mahindra Bank\’s shares plunged 12% to Rs 1,620 after RBI halted new customer onboarding and credit card issuance. Brokerages slashed target prices due to concerns over online channel reliance and potential long-term growth impact.
Tech Mahindra\’s Q1 performance is expected to be subdued due to uncertain macro conditions and cautious tech spending. Net profit for March 2024 may decline up to 40% YoY, as per four brokerages. Revenue, too, will likely see a fall.
Mahindra Finance Q4 results: A financial fraud has been detected at the North East branch of Mahindra & Mahindra Financial Services during the end of the fourth quarter of the financial year ended March 31, 2024, the company informed the exchange in its filing on Monday.