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Shares of IT firm Mindtree cracked 18 per cent on Friday as the company’s September quarter earnings failed to cheer investors.
The scrip opened the day on a weak note and later plunged 17.66 per cent to Rs 806 on BSE.
At NSE, shares of the company slumped 18 per cent to Rs 801.10.
Trading sentiment in the stock were hit as the company maintained a cautious business outlook amid volatile macroeconomic scenario across the world.
“We sense a cautious and a volatile macroeconomic scenario in the world and that will pose some challenges to the business environment. In addition, Q3 has a regular seasonality factors as well. In spite of these headwinds, we are confident that we have a very strong pipeline,” Mindtree CEO and Managing Director Rostow Ravanan had said in a conference call Wednesday.
Mid-sized IT firm Mindtree Wednesday posted a 65.4 per cent rise in consolidated net profit at Rs 206.3 crore for the September quarter and exuded confidence of registering strong revenue growth for the full fiscal despite “some challenges in the global business environment”.
The company had registered a net profit of Rs 124.7 crore in the year-ago period.
Its revenues rose 31.8 per cent to Rs 1,755.4 crore in the quarter under review from Rs 1,331.6 crore in the year-ago period. On sequential basis, the net profit was higher by 30.4 per cent, while revenue grew 7.1 per cent.
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