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Mindtree shares plunged nearly 9 per cent today as the IT firm has reported a 13 per cent decline in net profit on a sequential basis.
After opening the day on a weak note, the stock further plunged 8.61 per cent to Rs 971 on the BSE. On the NSE, the shares tumbled 8.73 per cent to Rs 969.
The mid-sized IT firm had yesterday reported a 13 per cent decline in net profit on a sequential basis. Its net profit for the June quarter stood at Rs 158.2 crore against Rs 182.2 crore in the March quarter.
According to a company statement, it has posted a 30 per cent rise in consolidated net profit at Rs 158.2 crore for the quarter ended June 30, 2018 against Rs 121.7 crore in the year-ago period.
Revenues rose 27.1 per cent to Rs 1,639.5 crore in the quarter under review from Rs 1,289.5 crore in the year-ago period. In dollar terms, the company’s net profit increased 23.5 per cent to $ 23.3 million in the said quarter, while revenues were up 20.7 per cent to $ 241.5 million from the year-ago period.
Meanwhile, the company’s chief financial officer, Jagannathan Chakravarthi, stepped down and has decided to pursue career opportunities outside Mindtree. He will be relieved from his duties at the company from July 20, 2018.
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