Mindtree posts muted revenue growth in Q2, net profit down 34.6%

Deal pipeline remains strong, company expects to improve growth in H2

Mid-sized information technology (IT) services firm Mindtree on Wednesday posted 34.6 per cent decline in its net profit at Rs 135 crore for the second quarter of FY20 when compared with the corresponding period of the previous financial year. 

The decline in net profit was attributed to higher expenses arising out of payout to employees apart from absence of gains from currency movement, which it reported in Q2 of FY19. In sequential terms, however, net profit grew by 46 per cent.

The Bengaluru-based firm, which announced its earnings for the first time after L&T took majority control in the company,