Mindtree shares tank nearly 9% after Q1 earnings

Shares of IT firm Mindtree today plunged nearly 9 per cent after the company reported a 13 per cent decline in net profit on a sequential basis.

The stock, after opening the day on a weak note, further plunged 8.61 per cent to Rs 971 on BSE.

On NSE, shares of the company tumbled 8.73 per cent to Rs 969.

Mid-sized IT firm Mindtree 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, down from Rs 182.2 crore in the March quarter.

Annually, the Bengaluru-based firm registered a net profit of Rs 121.7 crore in the year-ago period. Mindtree's 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 USD 23.3 million in the said quarter, while revenue was up 20.7 per cent to USD 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.