MindTree slips 9% on profit booking after Q1 results

In past one year, shares of MindTree had outperformed the market by surging 109% as compared to 15% rise in the S&P BSE Sensex till Wednesday.

Shares of MindTree have slipped by 9% to Rs 971 on the BSE in intra-day trade on Thursday after the management said that expected revenue growth rate in September quarter (Q2FY19) to be less than that of June quarter (Q1) on reported basis; however, margins are expected to be better in constant currency (CC).

Mid-sized IT firm MindTree posted a 30% rise in consolidated net profit at Rs 1.58 billion for Q1FY19. It had profit of Rs 1.22 billion in the year-ago quarter.

The company’s revenue rose 27.1% to Rs 16.40 billion in the quarter under review from