Shares of MindTree today fell over 4 per cent as the company has reported a 1.5 per cent drop in consolidated net profit for the June quarter.
After opening the day on a lower note, the company further declined by 4.29 per cent to Rs 485 on the BSE. On the NSE, the stock went down by 4.27 per cent to Rs 485.
MindTree had yesterday reported a 1.5 per cent decline in consolidated net profit at Rs 121.7 crore for April-June period due to currency volatility, visa costs and an one-time impact on business of one of its subsidiaries.
The “temporary volatility” in the subsidiaries’ businesses has promoted MindTree to slash its revenue growth outlook to “high single-digit” from the earlier projection of double-digit rise in top line.
Total income increased marginally to Rs 1,354.9 crore in the June quarter from Rs 1,347.4 crore in the year-ago period.
In dollar terms, MindTree’s net profit grew 2 per cent to $18.9 million during the quarter, while revenues were up marginally to $200.1 million from the year-ago period.