New Delhi, July 16 -- Fortunes diverged at two of India's largest information technology companies in the June quarter, as Tech Mahindra expanded at the fastest pace in three years, while Wipro clocked its weakest first quarter in the same period.

largest Wipro's revenue fell 1.4% on a sequential basis to $2.61 billion, fifth-largest Tech Mahindra's revenue jumped 2.2%. At Wipro, net profit was down 4.7% from the preceding quarter to $355 million, while Tech Mahindra's net profit rose 6.7% to $154 million. Margins shone for Tech Mahindra, but dimmed at Wipro.

Not surprisingly, the mood at the two managements diverged as well.

"The demand environment-I feel there has been a degree of volatility, but on the whole, we have a good order bo...