Shares of Tech Mahindra were trading in the green on 21 November after the company announced entering into a collaboration with TONOMUS, which is also known as NEOM Tech and Digital Company.

In its BSE regulatory filing, the company said that it has entered into a collaboration with NEOM Tech through its material subsidiary Tech Mahindra Inc., America. The two companies will make a JV (joint venture) that will focus on technology and digital services.

In its quarterly report for the July-September quarter, the company reported a 61.1% year-on-year (YoY) decline in its net profit to Rs 505.3 crore for the quarter from Rs 1,299.2 crore reported in the year-ago quarter.

The company’s revenue during the quarter saw a 2% YoY decline to Rs 12,864 crore from Rs 13,129.5 crore reported in the same quarter of the previous fiscal year.

The company’s EBITDA (earnings before interest, taxes, depreciation and amortisation) was Rs 1,072 crore during the quarter, a 46.6% drop from the Rs 1,984.1 crore recorded in the corresponding quarter of the previous financial year.

At 3:30 pm, the shares of Tech Mahindra closed 0.81% lower at Rs 1,202 on NSE.