Tech Mahindra’s (TechM) Q2FY24 result, as expected, was weak on all fronts, including revenue growth and margins. Sequential revenue decline was further exacerbated by weakness in communication vertical globally (where TechM has still very high reliance and which may prove as Achilles heel in Mohit Joshi’s (MD & CEO designate) turnaround efforts at TechM, in our view) and TechM’s conscious efforts to deliberately move out of non-core geographies, clients and service lines.