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Mindtree shares down 3 pc as Q3 earnings disappoint

NEW DELHI, Jan 20:  Shares of IT firm Mindtree fell by 3 per cent today after its net profit for the December quarter tumbled 26.7 per cent.
After a weak opening, shares of the company further slipped 2.76 per cent to Rs 471.45 on BSE.
On NSE, the shares lost 3 per cent to Rs 470.50.
Mid-sized IT firm Mindtree’s net profit for the December quarter fell 26.7 per cent to Rs 103.1 crore, impacted by currency movement, seasonality of business and lower profitability from its Bluefin and Magnet 360 business.
The Bengaluru-based firm had posted a net profit of Rs 140.7 crore in the year-ago period. Its revenues, however, grew 7.1 per cent to Rs 1,295.3 crore in the quarter under review from Rs 1,209.5 crore in October-December 2015.
In dollar terms, Mindtree’s net profit fell 28.3 per cent to USD 15.3 million in the reported quarter while revenue was up 4.7 per cent at USD 192.2 million from a year earlier. (PTI)

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